Nearly $100 million invested as developer continues buying spree along Salt Creek in south St. Pete
/three-story office building recently purhcased by prometheus Partners for $28.2 million | loopnet
Clearwater-based real estate firm Prometheus Partners has acquired another property along Salt Creek, pushing its total investment in the area to nearly $100 million over the past year and a half.
Prometheus purchased a 4.63-acre property at 263 13th Avenue South for $28.215 million from Bayboro Partners LTD on December 31st.
The site is home to Bayboro Station, an 80,991-square-foot, three-story office building originally constructed in 1924 as one of St. Petersburg’s first power plants, and an adjacent surface parking lot.
Today, the building houses several tenants, including Pinstripe Marketing, Carbon Design & Architecture, and the Southeast regional headquarters of the National Oceanic and Atmospheric Administration (NOAA) Fisheries.
With this latest purchase, Prometheus has now spent more than $93.8 million acquiring nearly 23 acres in the Salt Creek area, making it one of the largest private landholders in the neighborhood.
Bayboro Station was built in 1924 at 263 13th Avenue South as one of the area’s first power plants. Photo from 1970s | Mike Robbins
Despite its significant investment in Salt Creek, Prometheus has remained silent about its plans.
The company began acquiring property in the area in March 2024 with the $4.8 million purchase of Progressive Marine Service Inc. at 1351 Bay Street SE.
That was followed in April by a $10 million deal for 1421 Bay Street SE, the former Sailor’s Wharf yacht yard.
In July 2024, Prometheus added the St. Petersburg Marine Center at 101 16th Avenue South for $12.5 million, followed by the $16.425 million acquisition of the Salt Creek Marina at 105 15th Avenue SE in November.
The buying spree continued in 2025 with the firm paying $6 million in August for the Salt Creek Arts Center at 1499 Beach Drive SE, a 24,500-square-foot Art Deco–style warehouse currently leased to local artists and small businesses.
Prometheus Partners has invested over $93.8 million acquiring nearly 23 acres around Salt Creek in south St. Petersburg. Newly acquired properties are shown in blue; earlier purchases are shown in red | Google Maps
In October, Prometheus closed on three additional properties: a 3.4-acre site at 333 16th Avenue South, formerly home to Captain’s Fine Foods, for $7.5 million; a 0.70-acre property at 1601 3rd Street South that includes a 9,000-square-foot office building for $2.5 million; and a 0.48-acre site at 205 15th Avenue SE for $2 million, which includes a 7,000-square-foot warehouse occupied by Universal Stenciling and Marking Systems.
Most recently, the group purchased a multifamily property at 1501 Beach Drive SE for $1.2 million in November.
The various purchasing entities involved in the acquisitions trace back to Chris Suh, a vice president at Prometheus.
Public filings and permit applications offer some insight into Prometheus’ plans. Proposed projects include a new restaurant, an automotive complex, and office space.
300 feet above Salt Creek, looking north toward downtown St. Petersburg | St. Pete Rising
At the former St. Petersburg Marine Center site, plans have been submitted for a 4,271-square-foot drive-in restaurant and an 18,000-square-foot automotive complex.
At the Progressive Marina site, two permit applications have been filed—one for a 76-space parking lot to serve an existing warehouse, and another for a proposed office building on the former shipyard grounds.
The neighborhood has long supported working waterfront uses such as shipyards, marinas, and boat storage, and many residents worry redevelopment could displace businesses that have operated along Salt Creek for decades.
While Prometheus’s footprint in St. Pete continues to grow, the firm has also made investments beyond city limits.
Most recently, the company proposed Surf Shack, a three-story, 5,700-square-foot waterfront restaurant and bar planned for downtown Gulfport, just steps from O’Maddy’s Bar & Grille and Stormrunners Tavern.
