Dr. Kiran Patel lists Indian Rocks Beach property for $19 million
By Henry Queen
Tampa Bay Business Journal
Published: Sep 23, 2024

Dr. Kiran Patel has scrapped plans to build a boutique condominium on Indian Rocks Beach and has instead listed the waterfront property for sale.

Premier Sotheby’s International Realty recently listed the 1-acre vacant lot at 404 Gulf Blvd. for sale with a $19 million asking price. That’s the highest-priced listing across all categories in the 33785 ZIP code year-to-date. Patel had planned an eight-unit condo building on the site but has decided to test the market and list the site for sale.

“The construction cost and the economic environment are the factors of this decision,” Patel told the Tampa Bay Business Journal. “That doesn’t mean I may not be around to develop it. It all depends on the buyers. If I get something in the range I want, I may be out. If I don’t, I may not be out.”

Patel’s company bought the property in 2005 for $9 million. It was then home to the 45-key Gulf Towers motel, which was demolished in 2023.

Condos in Patel’s Sai Ocean Front Residences were supposed to range from 3,876 to 5,353 square feet, with prices beginning at $6 million. Four of the eight units were still available as of last notice, according to the project’s website.

The property is zoned for up to 30 units per acre, according to a release.

“I was not interested in doing 30, 40 lower-cost units and trying to do the sales,” Patel said.

Patel said the development risks and financing costs for the project became too high for his liking, though he declined to give a construction cost estimate. The health care mogul has been an active developer on the Pinellas County beaches, but he noted that new beachfront developments are rare for a reason.

The property’s buyer will benefit from no overhead public utilities and access to natural gas lines along Gulf Boulevard. Approved uses include multifamily condominiums, hotels, motels, bed-and-breakfast lodging and single-family homes.

“This listing represents a unique opportunity to acquire one of the last sizable undeveloped parcels on Florida’s Gulf Coast, offering unparalleled potential for residential, hospitality, or mixed-use development,” David Grieco of Premier Sotheby’s International Realty said in a statement.