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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Plans have been revealed for two 44-story condominium towers at the site of the Hilton St. Petersburg Bayfront, in what would be one of the largest condo developments ever proposed for downtown St. Pete.
Delray Beach-based Kolter Urban recently circulated a site plan application to neighborhood and business associations outlining a $325 million redevelopment of the hotel property at 333 1st Street South.
If built as proposed, the towers would rise up to 509 feet. Only two existing or planned towers in St. Petersburg would be taller: the 515-foot Residences at 400 Central and the 539-foot Waldorf Astoria Residences planned at 150 2nd Avenue South.
The two new towers, which have been designed by 10 Design, would tie for the city’s third-tallest buildings, ahead of the 450-foot Art House and ONE St. Petersburg towers and the 408-foot Saltaire.
The proposal calls for 325 condo units, 17,988 square feet of commercial space, and a 519-space parking garage.
Kolter would also make 207 spaces in the adjacent Saltaire garage available to residents, for a total of 726 parking spaces.