Dr. Kiran Patel sells Indian Rocks Beach waterfront site for $16M after condo plans stall
/Clearwater-based real estate firm Prometheus Partners, which has been steadily scooping up sites along St. Pete’s Salt Creek, has made another land purchase — this time in Indian Rocks Beach.
Prometheus purchased the vacant parcels at 400, 404, and 408 Gulf Boulevard for $16 million from prominent Florida physician, entrepreneur, and philanthropist Dr. Kiran Patel, according to a deed recorded on Tuesday.
The 0.97-acre property, which is located across from the original Crabby Bill’s, was formerly home to the 45-key Gulf Towers Motel, which was demolished in early 2023.
Dr. Patel purchased the site in 2005 for $9 million, with plans to redevelop it into an eight-unit condo community called Sai Ocean Front Residences.
Pre-construction sales kicked off in 2024 with pricing starting at $6 million per unit.
However, Patel opted to list the property in September 2024 to focus on other endeavors, listing agent David Grieco told St. Pete Rising.
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St. Petersburg will test a new plant-based approach to managing stormwater as part of a $7 million project coming to one of the city’s most flood-prone areas.
The city will install eight HydroPlanters, which are modular rain gardens designed to slow and filter rain runoff before it enters the city’s stormwater system.
Each rain garden is about five feet long, three feet wide, and two-and-a-half feet deep.
Filled with specially designed soil, grasses, shrubs, and small trees, the boxes will be installed in an L-shaped configuration along a city-owned grassy area near the intersection of 50th Avenue North and 7th Street North.
During heavy rain, water from the street will flow into the planters and filter through the soil and vegetation. It will then drain into the city’s stormwater system and eventually the 54th Avenue Canal.