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Fun City set to replace Bed Bath & Beyond at Target center; IDA notes pilot expirations tied to property owner
Summary
The group planning to operate Fun City expects to open in the former Bed Bath & Beyond space on or about June–July; the IDA noted the existing pilot is held by the property owner (heritage/Ginsburg family arrangements) and that the unit’s pilot expires in 2035, with a separate Target pilot expiring around 2034–2036.
An operator called Fun City is expected to occupy the former Bed Bath & Beyond space at the Target shopping center and aim to open in June or July, Mount Vernon IDA staff said.
Robin Mack told the board that GDC (noted as the owner associated with the Target center) has reached an agreement with TJ Maxx and that Fun City — a family-amusement/retail operator that sells snacks and charges an entry fee — intends to move into the former Bed Bath & Beyond unit. Mack said the planning and building departments are coordinating to expedite permits and land-use requirements and that the space has been vacant for about 18 months. The presenter described the Fun City business model as retail sales of snacks and games rather than a full-service restaurant.
Board members questioned whether the incoming tenant inherits any tax abatement from the prior tenant. Staff explained that the PILOT (abatement) is held by the property owner entity (referred to in discussion as Heritage or Ginsburg-related entities) and that a condo-like structure and leaseback arrangement under earlier transactions means the property owner negotiates with its tenants. Staff said the pilot for the Bed Bath & Beyond unit (the parcel's specific pilot) expires in 2035 and that Target’s pilot expires in the mid-2030s as well; IDA staff said future renegotiation with the property owner is likely when those expirations approach.
Staff said the agency would monitor permitting and any future request from the owner to renegotiate terms as the pilots near expiration; no formal board action was taken.
