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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Red Mesa Mercado’s west St. Pete location is permanently closing less than a year after opening.
The Red Mesa team announced on social media earlier today that its Cali-Mex restaurant at 6001 Central Avenue will close August 16th.
Red Mesa Mercado’s original location in the EDGE District at 1100 1st Avenue North, along with Red Mesa Restaurant at 4912 4th Street North, will remain open.
The 150-seat restaurant opened in October 2025 in the former Two Graces and Reading Room space.
It was Red Mesa Mercado’s second location and featured a full-liquor bar, table service, and a more sit-down-focused experience than the original Mercado’s window-service model.
Red Mesa first announced plans for the west St. Pete location in late 2022, and the restaurant took about three years to open.