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.