Dr. Kiran Patel sells Indian Rocks Beach waterfront site for $16M after condo plans stall
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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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Two years after Hurricane Helene devastated Willy’s Burgers & Booze, the St. Pete Beach watering hole is preparing for a comeback.
The open-air bar and restaurant at 645 Corey Avenue announced recently that construction is beginning following a lengthy permitting process.
A reopening date has not been announced.
“The road back has been anything but easy,” the business shared on Facebook. “We have spent the past 14 months working through the permitting process, navigating delays and obstacles, and doing everything we can to make this day possible.”
“There have been times when the process felt overwhelming, but we have never lost sight of what Willy’s means to so many people,” the post continued.
Known for its burgers, affordable drinks, and laid-back, beachy atmosphere, Willy’s has been closed since the hurricanes of late 2024.