Local real estate company keeps buying up St. Pete land

Prometheus Partners, a Clearwater real estate firm, has bought a 3.4-acre development site on Salt Creek in downtown St. Petersburg.

The property is located at 333 16th Ave. S. and once housed Captain’s Fine Foods. 

According to Colliers, Prometheus paid $7.5 million for the property. The seller, which Colliers represented, was Tradition Properties of St. Pete which paid $900,000 for it in 2012. 

The purchase was just the latest investment Prometheus has made along Salt Creek in the recent past. In all, it has spent $59 million on 17 acres.

While the company has not disclosed its plans, Colliers, which first listed the property three years ago and then took it off the market, says in a statement that the land is zoned as Institutional Center. Two sentences later, though, it points to the passage of the Live Local Act which lets developers bypass local zoning rules for multifamily projects that meet certain affordable housing criteria. 

Colliers’ executive vice president Casey Babb calls the purchase a strategic acquisition in the statement. 

“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, Mark Eilers and John Ruscigno represented Tradition in the deal.