Joseph Carlucci, an attorney who represents Fortwest, says thatFortunoff has a tentative agreement to purchase the Saks site andis seeking $70 million in bond financing as well as real estate-,sales- and mortgage-tax exemptions from the agency. In late July,Saks announced that it will close its underperforming White Plainsstore after this year's December holiday season. The same day, theBirmingham-Alabama-based retailer reported it had struck a deal tosell its White Plains store site to Fortunoff.

Carlucci, a partner with the law firm Cuddy & Feder &Worby LLP, tells IDA members that once the Saks store is closed,Fortunoff plans to demolish the existing 128,000-sf store and itsparking garage to make way for a larger store that would total upto 200,000 sf as well as a new parking structure.

The Saks store currently employs approximately 138 workers.Fortunoff estimates it will have a payroll of 600 workers,including 360 on a full-time basis.

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.