The community was almost 20 years old when John Cheyney encouraged Greek sponge divers to investigate the sponge beds off the coast. John Cocoris accepted the offer and soon summoned other divers. By 1905, the Greek population had grown to more than 500 with some 200 sponge boats in operation. The industry prospered until 1940 when red tide, a marine bacteria, destroyed the sponges. The beds returned but the divers faced another threat - the popularity of new synthetic sponges.
Sponge fishing remains a part of Tarpon Springs' present economy.
The influence of the Greek settlers is more evident in the community's festivals, music and food. The sponge docks are still active and are listed as a National Historic District as is the area's Main Street downtown which features antique stores, art boutiques and a history museum. St. Petersburg went on to capture the world's imagination with the birth of commercial aviation in 1914. Scheduled airline passenger service originated in St. Petersburg in 1914 when a flying airboat called the Benoist flew from the city's waterfront to Tampa. One of the 34,000 spectators who witnessed the takeoff was Will Rogers, a cowboy who achieved fame as a comedian and philosopher.