Prometheus Partners, a real estate firm based in Clearwater, recently acquired a significant 3.4-acre development site in downtown St. Petersburg. The property, located on Salt Creek at 333 16th Ave. S., was purchased for $7.5 million. This transaction marks another strategic investment by Prometheus in the area, totaling $59 million across 17 acres along Salt Creek.
Key Takeaways
- Prometheus Partners acquired a 3.4-acre site on Salt Creek for $7.5 million.
- The property is located at 333 16th Ave. S. in downtown St. Petersburg.
- This acquisition adds to Prometheus's $59 million investment in 17 acres along Salt Creek.
- The site, previously home to Captain's Fine Foods, was sold by Tradition Properties of St. Pete.
- New state legislation, the Live Local Act, could influence future development plans for the site.
Strategic Acquisition Along Salt Creek
The newly acquired parcel previously housed Captain's Fine Foods. Tradition Properties of St. Pete, the seller, had originally purchased the property in 2012 for $900,000. Colliers represented Tradition Properties in the recent sale.
This latest purchase underscores Prometheus Partners' ongoing interest in the Salt Creek area. The firm has steadily built its portfolio in this waterfront section of St. Petersburg.
Fast Facts
- Purchase Price: $7.5 million
- Site Size: 3.4 acres
- Location: 333 16th Ave. S., downtown St. Petersburg
- Previous Owner's Purchase Price (2012): $900,000
- Total Prometheus Investment in Salt Creek: $59 million across 17 acres
Zoning and Development Potential
While Prometheus Partners has not yet announced specific development plans for the site, its zoning designation provides some clues. Colliers, which initially listed the property three years ago before taking it off the market, stated that the land is currently zoned as Institutional Center.
However, recent legislative changes in Florida could significantly impact future development. The Live Local Act, a new state law, allows developers to bypass certain local zoning rules. This applies to multifamily projects that meet specific affordable housing criteria.
The Live Local Act
The Live Local Act, passed recently in Florida, aims to address housing affordability. It provides incentives and regulatory relief for developers who commit to including affordable housing units in their projects. This legislation can enable projects to move forward even if they do not fully conform to existing local zoning ordinances, potentially accelerating development in areas like downtown St. Petersburg.
Expert Perspectives on the Deal
Casey Babb, Executive Vice President at Colliers, described the acquisition as a strategic move by Prometheus Partners.
"While we don't know what this development will look like, it's bound to be something unique, given its location to downtown St. Pete and access to the water," Babb stated.
Babb, along with Mark Eilers and John Ruscigno, represented Tradition Properties in the transaction. The prime waterfront location and proximity to downtown St. Petersburg make the site particularly attractive for future development.
The potential for a unique project is high, considering the water access and the vibrant urban environment of downtown St. Petersburg. Developers often seek out such locations for their high demand and visibility.
Prometheus's Growing Footprint
Prometheus Partners has demonstrated a clear focus on the Salt Creek area with its substantial investments. The firm's total expenditure of $59 million on 17 acres highlights a long-term vision for this part of St. Petersburg.
These investments suggest a strong belief in the area's growth potential. Real estate firms often make such large-scale acquisitions when they anticipate significant appreciation and development opportunities.
The firm's strategy appears to involve consolidating parcels along the creek, which could lead to a cohesive and large-scale development project in the future. This approach allows for greater control over the overall vision and execution of a new community or mixed-use space.
Impact on Downtown St. Petersburg
The acquisition and future development of this site will likely contribute to the ongoing transformation of downtown St. Petersburg. The city has seen considerable growth and revitalization in recent years, attracting both residents and businesses.
New projects, especially those with waterfront access, tend to enhance the city's appeal and economic vitality. The integration of affordable housing, if pursued under the Live Local Act, could also address a critical need in the growing urban center.
This investment signifies confidence in the St. Petersburg market. It also sets the stage for what could be another landmark development along its revitalized waterfront. The community will watch closely to see what Prometheus Partners plans for this key parcel.
