A developer has purchased over 10.5 contiguous acres along Salt Creek; current plans for a former boatyard include a four-story private office building.
Another recently filed permit is for a “drive-in restaurant” to replace the St. Petersburg Marine Center. City documents list two intertwined limited liability corporations, Odyssey Real Estate Development and Prometheus Maritime Properties, as the applicants.
The Clearwater-based companies acquired the Salt Creek Marina in November 2024 and have invested nearly $44 million into the surrounding assemblage. Stakeholders, like consultant and restaurateur Mario Farias, worry that unabated redevelopment in the area will alter “the entire dynamics of the city.”
“To think about St. Petersburg without the boating industry is crazy because we’re surrounded by water on three sides,” Farias said. “It makes no sense.”
Salt Creek winds from Bayboro Harbor, near Port St. Petersburg, south through several neighborhoods before emptying into Lake Maggiore. The redevelopment sites are in an industrial-zoned area of Old Southeast.
A permit filed in September for 1351 Bay St. SE, formerly home to the marina, described a five-story Class A office building consisting of “floor-to-ceiling glass” for a company’s headquarters. The total estimated construction value was $21 million.
Prometheus filed a permit in June for 101 16th Ave., which formerly housed the marine center. The $700,000 project, if approved, would feature three buildings, utility improvements and an “underground stormwater system.” The properties are within a coastal high-hazard area.
A subsequent permit for the Bay Street parcel, filed in July, now calls for a $1.55 million, four-story office building. The property owners could not be reached for comment.
One of the phone numbers lead to an automated assistant for RSC Taco. Another went to the voicemail of Chris Suh, an executive with Southeast Investment Property Holdings, an affiliate of Prometheus.
According to its website, Southeast is a real estate investment firm that acquires existing retail properties. The company owns dozens of Taco Bell restaurants.
Farias, who stressed that he was not speaking on behalf of any clients, said the developers have been “pretty secretive.”
Concerns
Farias noted that Prometheus now owns all but two marine facilities in the area – once an oasis for the industry, recreational boaters and those who remain nostalgic for a bygone era. He also co-owns a nearby restaurant, the Big Catch at Salt Creek.
“We have 134 different contractors that go to the Harborage Marina to repair and maintain boats,” Farias said. “You wipe that industry out – those are people who dedicated their lives to this.”
Farias is a consultant for the Harborage, about a half-mile northwest across the creek from the proposed redevelopments. He stressed the importance of offering “high-and-dry” storage space for recreational boaters.
The city and many homeowner’s associations have strict rules governing boat placement in residential areas. Many owners lack vehicles capable of towing larger vessels, and hurricane season presents a substantial risk to those who live on the water.
“We didn’t lose one boat in both hurricanes,” Farias said of the Harborage. “We have almost 1,000 boats. Take that away, and where are you going to put those 1,000 boats?
“We have to figure out how to keep the marine industry alive here in St. Petersburg.”
A ‘happy medium?’
Farias noted the industry provides high-paying jobs. Many people take their boat to his restaurant, and other patrons enjoy watching marine mechanics in action or heavy equipment lifting vessels several stories onto dry storage racks.
Farias envisions Salt Creek as a working waterfront that combines business and pleasure. He believes stakeholders can find a “happy medium.”
Alison Barlow, executive director of the St. Petersburg Innovation District, echoed that sentiment. She also believes the area’s southern edge is ripe for redevelopment.
“I think that the opportunities are great,” Barlow said. “The waterfront edge right now is not accessible for the general public. I hope to see marine uses blended in.”
The Innovation District will soon release its first, long-awaited master plan. Barlow said there seems to be a consensus among area stakeholders: “Find a combination of uses that really continues to move our community forward.”
She, like Farias, noted that land values along the water have soared. Property owners are free to capitalize on their investments, and the goal is to work together towards a shared vision.
The district encompasses the port, which is undergoing a master planning process for the first time in over 26 years. Barlow believes that a variety of maritime uses in the area are “important to our ecosystem.”
“The trick is figuring out how to make it work together, in the best possible way,” she added.
Farias similarly believes that “there is room for everything here.” He wonders if the city can support those who prefer to stay in business rather than sell their property to developers.
“I’m concerned for the future of boating here in St. Pete,” Farias said. “This is Florida, right?”
This content provided in partnership with StPeteCatalyst.com.
