Pharmacy won't be part of plaza's prescription

The prescription for Whitney Beach Plaza still includes renovations and a healthy dose of new businesses. But a pharmacy won’t be part of the regimen for the 35,000-square-foot shopping center, according to Brian Kenney, principal of the Boston-based Juliani Kenney Investment Capital LLC, which purchased the plaza and liquidated assets for $3.7 million in December in a commercial short sale.

A national retailer decided against leasing the 12,000-square-foot space last week, Kenney said. The location is the previous home of the Market and Whitney Beach Deli & Wines.

A January report sent by Town Manager Bruce St. Denis to commissioners stated that, “Quasi-judicial discussions have been held in regard to the redevelopment of Whitney Beach Plaza with the possibility of a Walgreens anchoring the site.”

Kenney declined to comment about the identity of the national retailer that decided against the site. However, he said that the company rejected the site because the amount needed to renovate according to its needs was ultimately cost-prohibitive.

“We tried very hard to make it work, but it didn’t make economic sense,” he said. “We’re still incredibly optimistic about the plaza.”

Kenney, who in the past has said that a pharmacy would be the best use of the anchor site, said that it is unlikely that a pharmacy will take the spot. Now, he is in talks with a national convenience store chain about the possibility of anchoring the site.

“The economy is still really slow,” Kenney said. “When you’re negotiating in a project like this with multiple tenants, sometimes it takes more time than you would like.”

Although residents will have to wait before they see an anchor business at the plaza, they won’t have to wait much longer to see improvement. Despite previous plans to hold off on major renovations until an anchor tenant was secured, Kenney plans to begin remodeling the plaza — a shift driven by the strong demand he has seen for the smaller spaces.

Currently, he is in talks with potential tenants that include a real-estate office, bakery, coffee shop and several local merchants.

Kenney said that he has heard various rumors about the plaza but wants to make one thing clear: He isn’t going anywhere.

“I’m 100% staying here and seeing this project through to the end,” he said.