Prometheus Development has purchased a 3.4-acre development site on Salt Creek in downtown St. Petersburg for $7.5 million. The property, located at 333 16th Avenue S, is the former home of Captain\u2019s Fine Foods.<\/p>\n
Casey Babb, CCIM, Mark Eilers and John Ruscigno of Colliers represented the seller, Tradition Properties of St. Pete, LLC. The buyer is Prometheus Development Property, LLC.<\/p>\n
Over the last several years, Prometheus has acquired several parcels of land along Salt Creek in the Bayboro Harbor District. This acquisition brings their total investment to $59 million and total ownership to 17 acres of land in the Old Southeast neighborhood. Prometheus has not shared its plans for the area.<\/p>\n
\u201cThis is a strategic acquisition for Prometheus,\u201d said Babb, executive vice president for Colliers. \u201cWhile we don\u2019t know what this development will look like, it\u2019s bound to be something unique, given its location to downtown St. Pete and access to the water.\u201d<\/p>\n
The Bayboro Harbor District, where Prometheus has acquired the 17 acres, is zoned as an Institutional Center. Under this zoning, the land is intended for office and industrial use, with ideal tenants operating in research and development, life sciences and the marine industries to complement the existing businesses in the area like USF St. Petersburg, The Poynter Institute, ARK Innovation Center and the U.S. Coast Guard. <\/p>\n
However, the passing of the Live Local Act (SB-102) in 2023 allows developers to bypass local zoning and build multifamily or residential projects if at least 40% of the units are affordable housing. Colliers initially listed the property in 2022 and pulled it from the market.<\/p>\n
\u201cWhen we first listed the property, there were a number of challenges standing in the way of developing this land for multifamily use,\u201d said Eilers, executive vice presidents of Colliers. \u201cThat changed in 2023, and we saw a renewed interest in the site from multifamily developers.\u201d<\/p>\n
The property went under contract with multifamily developers twice, but those deals ultimately fell through.<\/p>\n
\u201cThe right buyer ultimately purchased this parcel,\u201d said Babb. \u201cFrom a real estate perspective, we\u2019re excited to see what Prometheus does with this property and the rest of the Bayboro Harbor District.\u201d <\/p>\n
About Colliers<\/p>\n
Colliers is a global diversified professional services and investment management company. Operating through three industry-leading platforms \u2013 Real Estate Services, Engineering, and Investment Management \u2013 we have a proven business model, an enterprising culture, and a unique partnership philosophy that drives growth and value creation. For 30 years, Colliers has consistently delivered approximately 20% compound annual returns for shareholders, fueled by visionary leadership, significant inside ownership and substantial recurring earnings. With over $5.0 billion in annual revenues, a team of 24,000 professionals, and more than $100 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors, and people worldwide. Learn more at corporate.colliers.com<\/a>, X @Colliers<\/a> or LinkedIn<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Prometheus Development has purchased a 3.4-acre development site on Salt Creek in downtown St. Petersburg for $7.5 million.…\n","protected":false},"author":2,"featured_media":23577,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[13],"tags":[202,204,203,199,201,200],"class_list":["post-23576","post","type-post","status-publish","format-standard","has-post-thumbnail","category-st-petersburg","tag-st-pete","tag-st-pete-headlines","tag-st-pete-news","tag-st-petersburg","tag-st-petersburg-headlines","tag-st-petersburg-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/23576","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=23576"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/23576\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/23577"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=23576"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=23576"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=23576"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}