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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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.