A new eight-unit luxury condominium building is set to break ground this summer in Indian Rocks Beach. 

The boutique Sai Ocean Front Residences will rise at 404 Gulf Boulevard, the site of the former 45-key Gulf Towers Motel across from The Original Crabby Bill’s seafood restaurant.  

Tampa philanthropist and real estate investor Dr. Kiran Patel, most notably known for selling WellCare for $200 million in 2002, is developing the project. 

Patel purchased the site in 2005 for $9 million and demolished the Gulf Towers Motel in February 2023. 

Pre-construction sales recently kicked off for the planned eight-unit complex with pricing starting at $6 million. 

Linda Ross Preston of Coastal Properties Group International is exclusively marketing the residences. 

According to the website, the two penthouses are under contract, and six units remain. 

All of the homes have a nearly 600-square-foot terrace overlooking the Gulf of Mexico and a private elevator leading to the units, which range from 3,876 to 5,353 square feet. 

The three- to five-bedroom homes feature 10-foot ceilings, gourmet kitchens, an en suite with guest bathrooms, an office/den, a living room, a backup generator, and a two-car garage pre-wired for electric vehicle charging. 

The homes have a private staircase to a private cabana with a wet bar fronting the pool. Other residential amenities include a landscaped courtyard, guest parking, and a lobby. 

The project is expected to be completed in mid-2025.

The development team consists of Patel’s development arm Vision Makers, which is led by Bill West and Eric Miller, St. Pete-based Place Architecture, and Clearwater-based interior design firm Studio M.

Patel previously developed the JW Marriott hotel on Clearwater Beach. He also owned the Wyndham Grand Clearwater Beach resort, which he sold in 2022 for $170 million.