{"id":118005,"date":"2026-01-14T17:06:00","date_gmt":"2026-01-14T17:06:00","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/118005\/"},"modified":"2026-01-14T17:06:00","modified_gmt":"2026-01-14T17:06:00","slug":"dr-kiran-patel-sells-indian-rocks-beach-waterfront-site-for-16m-after-condo-plans-stall","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/118005\/","title":{"rendered":"Dr. Kiran Patel sells Indian Rocks Beach waterfront site for $16M after condo plans stall"},"content":{"rendered":"<p class=\"\" style=\"white-space:pre-wrap;\">Clearwater-based real estate firm Prometheus Partners, which has been steadily <a href=\"https:\/\/stpeterising.com\/home\/nearly-100-million-invested-as-developer-continues-buying-spree-along-salt-creek-in-south-st-pete\" rel=\"nofollow noopener\" target=\"_blank\">scooping up sites along St. Pete\u2019s Salt Creek<\/a>, has made another land purchase \u2014 \u00a0this time in Indian Rocks Beach.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">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.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">The 0.97-acre property, which is located across from the original Crabby Bill\u2019s, was formerly home to the 45-key Gulf Towers Motel, which was demolished in early 2023.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">Dr. Patel purchased the site in 2005 for $9 million, with <a href=\"https:\/\/stpeterising.com\/home\/philanthropist-kiran-patel-proposes-8-unit-luxury-condo-building-in-indian-rocks-beach\" rel=\"nofollow noopener\" target=\"_blank\">plans to redevelop it into an eight-unit condo community called Sai Ocean Front Residences<\/a>.<\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">Pre-construction sales kicked off in 2024 with pricing starting at $6 million per unit. <\/p>\n<p class=\"\" style=\"white-space:pre-wrap;\">However, Patel opted to list the property in September 2024 to focus on other endeavors, listing agent David Grieco told St. Pete Rising.<\/p>\n","protected":false},"excerpt":{"rendered":"Clearwater-based real estate firm Prometheus Partners, which has been steadily scooping up sites along St. Pete\u2019s Salt Creek,&hellip;\n","protected":false},"author":2,"featured_media":118006,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[202,204,203,199,201,200],"class_list":{"0":"post-118005","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-st-petersburg","8":"tag-st-pete","9":"tag-st-pete-headlines","10":"tag-st-pete-news","11":"tag-st-petersburg","12":"tag-st-petersburg-headlines","13":"tag-st-petersburg-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/118005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=118005"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/118005\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/118006"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=118005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=118005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=118005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}