Nearly $100 million invested as developer continues buying spree along Salt Creek in south St. Pete
/Clearwater-based real estate firm Prometheus Partners has acquired another property along Salt Creek, pushing its total investment in the area to nearly $100 million over the past year and a half.
Prometheus purchased a 4.63-acre property at 263 13th Avenue South for $28.215 million from Bayboro Partners LTD on December 31st.
The site is home to Bayboro Station, an 80,991-square-foot, three-story office building originally constructed in 1924 as one of St. Petersburg’s first power plants, and an adjacent surface parking lot.
Today, the building houses several tenants, including Pinstripe Marketing, Carbon Design & Architecture, and the Southeast regional headquarters of the National Oceanic and Atmospheric Administration (NOAA) Fisheries.
With this latest purchase, Prometheus has now spent more than $93.8 million acquiring nearly 23 acres in the Salt Creek area, making it one of the largest private landholders in the neighborhood.
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Construction is underway on Azalea Cay, a planned 1,000-unit apartment community on the former Raytheon property in west St. Pete.
Tampa-based Metro Development Group, St. Pete-based Porter Development, and local elected officials broke ground Monday morning on the first phase of the project at 1501 72nd Street North, near Azalea Park and Tyrone Square Mall.
The $109.8 million first phase will bring 341 apartments, including 102 income-restricted homes.
Fifty-one apartments will be reserved for households earning up to 80% of the area median income (AMI), while another 51 will be available to households earning up to 120% of AMI.
“I look around and I envision someday teachers, nurses, first responders coming home from a tough day at work and calling Azalea Cay home,” Les Porter, president of Porter Development, said during the ceremony. “Maybe one of the big reasons why they’re still able to live in St. Pete is because of the rent associated with their apartment.”
The remaining 239 apartments will rent at market rate. The income-restricted units must remain affordable for at least 50 years.