Dr. Kiran Patel launches sales of ultra-luxe condos in Indian Rocks Beach
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Mar 28, 2024

Dr. Kiran Patel's luxury beach condominiums, Sai Ocean Front, have launched sales.

Sai Ocean Front will be built on the former home of Gulf Tower Resort at 404 Gulf Blvd. in Indian Rocks Beach. It has eight units, which have a range of three- to five-bedroom floor plans and are priced from $6 million.

Linda Ross Preston of Coastal Properties Group International/Forbes Global Properties is listing the units for sale.

"Sai Ocean Front Residences offer a truly unique luxury product that has not been offered in the Tampa Bay area," Coastal Properties Group said in a statement.

Patel purchased the Gulf Tower Resort in 2005 for $9 million. The resort was demolished in 2023; at the time, Patel told the Tampa Bay Business Journal that he was considering a "really luxurious, exclusive" condo development on the property.

Place Architecture designed Sai Ocean Front. Each unit has a private elevator and was designed to maximize ocean views, with terraces of roughly 600 square feet.

Sai will be developed by Patel's Vision Makers, a real estate development firm. Patel is a prolific real estate developer; he also built the JW Marriott on Clearwater Beach and has developed several other condo projects in Indian Rocks Beach, including Bella Capri and Da Vinci as well as Ocean 12 in North Redington Beach. He is also working on a mixed-use project in downtown Tampa's Encore district.

His best-known real estate endeavor in the Tampa Bay region is his personal residence, a pink Indian sandstone palace in Carrollwood. It is visible from North Dale Mabry Highway and was under construction for a decade; his family moved in in 2023.

Patel built his fortune in health care: He sold WellCare Health Plans Inc. for $200 million in 2002 and went on to make two $1 billion-plus exits from other health care companies.