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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A St. Pete native and former USF basketball star is preparing to open what he calls a love letter to his hometown.
Love Language 727 Restaurant & Lounge will open in October at 3063 Central Avenue in the Grand Central District.
The space was previously home to 31 Grand, a sports bar that closed in late 2024 following back-to-back hurricanes. Before that, it housed Punky’s Bar and Grill, an LGBTQ-friendly establishment that closed in 2022 after nearly seven years in business.
Owner Jimmy Devon Baxter is returning to St. Pete after nearly two decades in Atlanta, where he said he was inspired by the city’s experience-driven restaurant and lounge scene.
After graduating from Boca Ciega High School, he played basketball for the University of South Florida from 2000 to 2004.
During his senior year, Baxter received the NCAA Award of Valor for helping rescue two men trapped inside a vehicle following a violent crash. The City of Tampa also presented him with a key to the city for his efforts.