Delve into 12: Whitney Beach Plaza

Brian Kenney gets it: Residents are frustrated with the state of Whitney Beach Plaza. They’re eager for a place to grab a cup of coffee on the north end. On a busy day in season, the drive to the nearest coffee shop can easily take a half-hour. They want a place to buy alcohol along with shops and restaurants.

One year after his company, the Boston-based Juliani Kenney Investment Capital LLC, purchased the shopping center and liquid assets for $3.7 million in a commercial short sale, the plaza remains mostly vacant and in disrepair.

Kenney gets the frustration because he, too, is frustrated. He has also heard the rumors that he is walking away from the plaza or that it’s going into foreclosure and wants residents to know that those are false.

“I’m as committed as I was the day that I got here,” Kenney said. “No one wants this done worse than we do. We know that it’s taking a long time, but we’re extremely grateful for Longboat Key (residents) for their patience and for bearing with us.”

A year ago, Kenney hoped to bring in Walgreens as the anchor tenant for the 12,000-square-foot space formerly occupied by the Market and Whitney Beach Deli & Wines. He spent nine months working on that deal before it ultimately fell through this summer.

“We were certain that Walgreens was going to come,” Kenney said. “We were shocked when they backed off.”

Now, Kenney said, he is close to securing a lease with a national chain to bring an upscale restaurant to the anchor site. He also said that he has several tenants who are interested in leasing space, including a coffee shop, deli and real-estate office. He hopes to bring a 90- to 120-unit boutique hotel to the north end as well and is under contract to buy lots to the north of the plaza.

Kenney said that he is currently working to secure a construction loan for the property and has received bids from two contractors on the renovation project. He still plans to begin construction on the plaza after securing the anchor tenant.

“The biggest mistake we could make would be to build and then have to change things around,” he said.

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