Developer buys more land on Salt Creek as investment now tops $59 million
/Clearwater-based real estate firm Prometheus Partners has once again expanded its portfolio along Salt Creek in St. Pete.
The company, which has now spent $59 million acquiring over 15 acres in recent years, quietly acquired two more industrial properties just south of downtown as part of its ongoing effort to assemble a large swath of contiguous land in the Old Southeast neighborhood.
According to property records, Prometheus purchased the 3.4-acre site at 333 16th Avenue South, the 57,000-square-foot former home of Captain’s Fine Foods, for $7.5 million on Monday.
Last Tuesday, the company acquired the 0.48-acre property at 205 15th Avenue Southeast for $2 million. The site includes a 7,000-square-foot warehouse currently occupied by Universal Stenciling and Marking Systems.
Both sites are zoned IC (Institutional Center), which is intended for public and semi-public uses such as hospitals, universities, utilities, and government facilities.
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A 380-home apartment and townhome community has been proposed for the eastern side of Derby Lane in north St. Pete, while a later phase calls for demolishing the existing casino building and rebuilding it elsewhere on the property.
The planned redevelopment of the 130-acre site at 10490 Gandy Boulevard North includes residential, commercial, and industrial uses, according to a conceptual plan submitted to Pinellas County in early October.
The proposal follows the April 2025 acquisition of Derby Lane through a merger between St. Petersburg Kennel Club Inc. and Connecticut-based Rally Acquisition Co.
At the time, representatives for the new ownership said they intended to develop the property while continuing its gaming operations, but specific plans had not been disclosed.
Greyhound racing ended at Derby Lane in December 2020 after Florida voters approved a constitutional amendment banning commercial greyhound racing statewide. The facility continues to operate as a gaming venue, offering poker, table games, and simulcast wagering.