In fact, according to Fortwest's inducement application with the IDA, the firm calculates the cost of building the White Plains store will run $80,209,250.

Carlucci adds that while specific plans for the new store have not been drawn up yet, "There is a possibility that there may be a couple of other accessory users on the site that are under consideration, such as a convenience restaurant."

Fortunoff says that once construction can begin, the venture will take approximately 18 months to complete.

Normally, a retail venture of this kind would not be eligible for IDA funding under state law. However, the location of the project, adjacent to an economically distressed census tract, makes the Fortunoff development eligible for IDA assistance, according to IDA Counsel Alan D. Fox.

However, the project's eligibility could change once U.S. Census figures for the city are updated later this year, IDA officials say. Carlucci requested that the IDA "grandfather" the project so that it can retain its bond financing eligibility. He adds that Fortunoff hopes to close on the purchase of the Saks property by year's end.

At the same meeting, the IDA also approved a preliminary sales tax agreement for a residential rental housing development at 300 Mamaroneck Ave. The venture, to be developed by JPI Apartment Development LP of Westborough, Mass., will feature 281 rental apartments and approximately 4,000 sf of retail space. The city of White Plains granted final site-plan approval to the JPI proposal earlier this summer.