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 new wine bar and bottle shop specializing in Old World wines is getting ready to open in South Pasadena.
Owners Michael De Salvia and Peter Celli are opening Dolcetto & Co. - Wine Merchant and Wine Bar at 6800 Gulfport Boulevard South, Suite 113, within a large shopping plaza that's also home to Walmart, CVS, Anytime Fitness, and Ace Hardware.
Dolcetto & Co. is expected to open this fall following renovations to the 2,100-square-foot space, which was formerly occupied by Books at Park Place.
The space will be divided roughly in half, with a four-foot barrier separating the retail bottle shop from the wine bar.
De Salvia says Dolcetto & Co. will specialize in traditional Old World wines from France, Italy, and Spain, with selections ranging from moderately priced bottles to premium offerings.