Since a billion-dollar plan to turn an industrial marine service hub in St. Petersburg into a village of condos, affordable housing and office, hotel and conference space fell through a few years ago, the property owners, workers and residents around Salt Creek knew it wouldn’t be long before another outfit eyed the area for redevelopment.
Rumors are swirling since two neighboring boatyards on the south side of the creek were recently bought up by two little-known companies for a combined $14.8 million. A third parcel next door also received an offer but no deal was made.
One seller and a consultant for another property owner told the Tampa Bay Times that they do not know who exactly is on the other end of the transaction, nor do they know what the future plans are.
“It was only a matter of time until someone else came along,” said City Council member Gina Driscoll, who represents the area just south of downtown and the Bayboro Harbor and has received frantic calls from boaters. “It’s just a fear of the unknown.”
As those boatyards cease operations, local boaters may lose nearby access to services while companies and workers who work at or sublease from those properties may be out of a job or workspace.
“We’re going to lose the trades that support the 1,000 slips that the city owns or manages in downtown St. Petersburg and there’s nothing we can do about it,” said delivery captain Bill Herrmann. “Boat guys, fiberglass guys, they don’t make captain money but they’re making pretty good salary down there. We’re replacing those with more opportunities for minimum wage jobs.”
Sold properties
Progressive Marine Service Inc. at 1351 Bay St SE sold first in March for $4.8 million to Odyssey Real Estate Development LLC. Progressive boasts a 94-ton, 26-foot Beam Travel Lift on its website, ideal for hauling large boats. Progressive Marine owner Dan Jimenez did not return multiple requests, including calls, texts and a visit to the business, for comment.
Johannes J. Helsen, who has operated Sailor’s Wharf since 1978, said he was offshore sailing and using satellite internet in April to download movies when an offer came in for the yacht yard at 1421 Bay St SE. Two weeks later, the property sold for $10 million to Prometheus Maritime Investments LLC.
“What I do know is that there’s a lot of money behind them,” said Helsen, 77. “I haven’t even met them.”
Helsen said he will operate his boatyard through hurricane season, until the last day of November. He previously was under contract with Royal Palm, the developers who had big plans totaling $2 billion for the area as recently as 2021, which he said “would’ve been the best thing for this city.”
Developer and consultant Mario Farias said Salt Creek Marina at 105 15th Ave SE received an offer during a conversation about a month ago, but no agreement was reached. He declined to say the price offered and said the Harborage on the north side of Salt Creek, which he also represents, did not receive an offer.
“I think they’ve had that same conversation with everybody up and down the creek,” he said. “We’re not that motivated to sell because of the operation that we run.”
Developer Blake Whitney Thompson bought Renovators Yacht Co. property along the creek at 1600 3rd St S in March for $1.365 million, but he said he isn’t part of a larger redevelopment effort and is letting the company continue operating. He said that since the sale closed, he has been contacted by six intermediaries with offers.
“Whoever is out there doing that, putting together an assemblage, they’re going to be happy,” Thompson said. “This area is going to flourish.”
Several owners and representatives for other properties along Salt Creek declined to comment or meet with a reporter.
Bill Dahl, former president of Old Southeast Neighborhood Association, said single family homes appear to be targeted, too. A house was purchased in April for $500,000 by a company called Prometheus 2nd St S LLC.
“It appears, from different sources, a lot of commercial properties (and) the boatyards south of Salt Creek have been at least contacted, if not received offers,” Dahl said. “There appears to be activity with single family residences.”
William Felder, the seller of that home, told a reporter he saw the buyer had proof of funds of $13 million. He said he was told that business associates would live at the home while purchasing more property in the area.
Cullen Mahoney, who Felder said acted as the buyer for the sale, is listed on LinkedIn as the director for real estate investments and development at Prometheus Partners.
“We’re not really (making) a comment at this point,” Mahoney said when reached by phone. “We’re trying to formalize a plan and go from there.”
Who are the buyers?
Odyssey Estate Development LLC and Prometheus Maritime Investments LLC share a mailing address, an office in Clearwater. The building is owned by a company called Prometheus Restaurant Office LLC.
The state database shows several companies using the name Prometheus with the same addresses and representatives. A company called Southeast Investment Property Holdings, an affiliate of Prometheus, lists Nicholas Peters as chairperson and Chris Suh as president. The website describes the company as a private real estate holding company that acquires properties occupied by nationally franchised restaurant and retail operators.
A biography on the University of Tampa’s website says Peters founded Prometheus in 1996 and completed acquisitions for Taco Bell, Pizza Hut and IHOP.
Peters and Suh are also both involved in the Armed Forces Families Foundation, which earns money through the annual Skyway 10K race over the Sunshine Skyway Bridge. Peters is listed on the foundation’s website as its founder and managing director with Suh as a part of the leadership team.
Peters’ biography refers to him as a “Tampa-based entrepreneur and small business owner with significant investment, corporate finance, and management experience in building and growing small businesses.” Suh’s blurb says he has more than 20 years of experience working with small business’ management teams in the areas of corporate finance and development and investments in real estate.
Peters could not be reached Suh did not return calls and texts asking for comment. Mahoney, the buyer for the home sale, acknowledged that a reporter had been reaching out to Prometheus employees.
Future of Salt Creek
The land around Salt Creek is zoned institutional and allows for commercial, industrial and mixed-use development, including residences. It’s also a low-lying area that is deemed a coastal high hazard and prone to flooding. Maria Sciddurlo, a lead technician in the city’s Planning & Development Services department, said no permits or plans have been submitted for the sold properties.
Salt Creek is within St. Petersburg’s Innovation District, which is about to undergo a master planning effort. The City Council this month approved $450,000 to hire a planning consultant who will look at how to create a cohesive district around Salt Creek, Albert Whitted Airport, University of South Florida St. Petersburg, Johns Hopkins All Children’s Hospital and Orlando Health Bayfront Hospital. Farias said the Harborage contributed toward that master plan.
Innovation District Executive Director Alison Barlow said she’s heard rumblings about plans for the purchased properties but nothing concrete. She said a mixed-use development would be a “thoughtful” way to use the space.
“We certainly want to see aspects of the maritime community continue,” she said. “I’m anxious to get the master plan going so we can have a conversation. It’ll really help us imagine what’s possible.”
Source Agencies
