Developer buys more land on Salt Creek as investment now tops $59 million

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Developer buys more land on Salt Creek as investment now tops $59 million

Clearwater-based real estate firm Prometheus Partners has once again expanded its portfolio along Salt Creek in St. Pete.

The company, which has now spent $59 million acquiring over 15 acres in recent years, quietly acquired two more industrial properties just south of downtown as part of its ongoing effort to assemble a large swath of contiguous land in the Old Southeast neighborhood.

According to property records, Prometheus purchased the 3.4-acre site at 333 16th Avenue South, the 57,000-square-foot former home of Captain’s Fine Foods, for $7.5 million on Monday.

Last Tuesday, the company acquired the 0.48-acre property at 205 15th Avenue Southeast for $2 million. The site includes a 7,000-square-foot warehouse currently occupied by Universal Stenciling and Marking Systems.

Both sites are zoned IC (Institutional Center), which is intended for public and semi-public uses such as hospitals, universities, utilities, and government facilities.

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Real estate investor purchases another property near Salt Creek in St. Pete for $6 million

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Real estate investor purchases another property near Salt Creek in St. Pete for $6 million

Clearwater-based real estate company Prometheus Partners, which has been quietly assembling acres of contiguous property just south of downtown St. Petersburg, has acquired another site.

Through its affiliate, Prometheus Franchise Restaurant Holdings LLC, the group purchased the 24,500-square-foot warehouse at 1499 Beach Drive SE for $6 million from Cato Holdings LLC.

Built in 1959, the art deco-style building sits on 1.37 acres near Salt Creek. It currently houses the Salt Creek Arts Center, a maker space offering studios and galleries for local artists, as well as moving company Swift Moves.

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St. Pete approves purchase of three-acre property along Salt Creek for new park

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St. Pete approves purchase of three-acre property along Salt Creek for new park

Nearly three acres of vacant property along Salt Creek may become a lush park space with landscaping, public art, and educational components.

During a Committee of the Whole meeting held on January 23rd, committee members unanimously approved moving forward on pursuing the acquisition of a property located on 4th Street South between 17th Avenue South and 18th Avenue South.

The property comprises 1.7 acres zoned Corridor Commercial Traditional (CCT-1) fronting on 4th Street South and 1.26 acres zoned Neighborhood Suburban Multi-Family (NSM-1).

The city is seeking to purchase the property at or below the asking price of $2.9 million.

The property was appraised in July 2024 with an estimated market value of $2.88 million.

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Done Deals: Group acquires more property on Salt Creek, Trop damage tops $55 million, Pin on Cafe moves next week

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Done Deals: Group acquires more property on Salt Creek, Trop damage tops $55 million, Pin on Cafe moves next week

Done Deals is a weekly column by St. Pete Rising spotlighting recent real estate market insight and significant deals happening in the Sunshine City and beyond. The following information is sourced from public records and trusted intel.

Have real estate news to share? Send us an email at hello@stpeterising.com.

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