The building at 1499 beach drive se | cato holdings llc

Clearwater-based real estate company Prometheus Partners, which has been quietly assembling acres of contiguous property just south of downtown St. Petersburg, has acquired another site.

Through its affiliate, Prometheus Franchise Restaurant Holdings (PFRH), the group purchased the 24,500-square-foot warehouse at 1499 Beach Drive SE for $6 million from Cato Holdings LLC. The entity that purchased the parcel was PFRH Beach Art Deco, LLC.

Built in 1959, the art deco-style building sits on 1.37 acres near Salt Creek. It currently houses the Salt Creek Arts Center, a maker space offering studios and galleries for local artists, as well as moving company Swift Moves.

The Salt Creek Arts Center, which occupies about 2,000 square feet, holds a lease through July 2026 and has not received any communication or notices regarding changes to its tenancy.

In total, Prometheus now controls nearly 12 acres across several parcels on the south side of Salt Creek | St. Pete Rising

This acquisition is the latest in Prometheus’ expanding portfolio of Salt Creek properties. The company has previously invested more than $43.7 million to assemble 10.5 acres in the Old Southeast neighborhood, much of it consisting of shipyards and marinas.

Including the recent purchase pushes Prometheus’ public acquisitions to nearly 12 acres and $50 million spent.

Prometheus began acquiring land 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 by a $10 million deal in April for 1421 Bay Street SE, the former Sailor’s Wharf yacht yard.

In July 2024, it picked up the St. Petersburg Marine Center at 101 16th Avenue South for $12.5 million.

Downtown St. Pete as seen from 300 feet above Salt Creek | St. Pete Rising

Then in November 2024, the company added the Salt Creek Marina at 105 15th Avenue SE to its portfolio for $16.425 million.

Prometheus has shared few details about its long-term vision for the area, and little is publicly known about the company itself. However, recently filed applications with the Southwest Florida Water Management District and plans obtained by St. Pete Rising reveal early signs of a future waterfront district.

The first proposed project is a 4,271-square-foot “drive-in” restaurant at 101 16th Avenue South, the former St. Petersburg Marine Center site. Plans include a 1,700-square-foot patio, seating for up to 286 guests, and cars on display—suggesting a car-themed dining concept. No name for the restaurant has been disclosed.

Next door, on the former Salt Creek Marina property, Prometheus has proposed “Classic Automotive,” a project featuring two metal automotive repair buildings totaling nearly 18,000 square feet, along with parking.

The newly-aquired 1.37-acre property near Salt Creek | loopnet

At the Progressive Marina site on Bay Street SE, the company has submitted two additional permit applications—one for a 76-space parking lot to serve an existing warehouse, and another for a proposed office building on the shipyard grounds.

None of these permits have been approved. St. Pete-based Ed Seifried Construction is listed as the general contractor on all filings. A geotechnical report for the site also references a future hotel, though no details have been released and no formal application has been submitted.

While plans and permit filings will likely continue to surface, one thing is certain: change is coming to Salt Creek.

Historically, the Old Southeast neighborhood has supported working waterfront uses such as shipyards, marinas, and boat storage. Many residents worry that unrestrained redevelopment could push out the longtime businesses that have anchored the area for decades.

Be sure to follow St. Pete Rising as we continue to track the purchases and latest plans for the Salt Creek neighborhood.