The two businesses will fill the former Farmer Jack building along M-59, near Fisk Road.
The site will be redeveloped, according to township planner Sean O'Neil, and split into two storefronts.
"We are incredibly excited to have that vacant building filled with two well-known and popular businesses," O'Neil said.
The property had been vacant for more than five years, after the Farmer Jack chain was shut down. Since that time, the rumor mill has steadily churned out whispers of stores that might fill the space.
"We couldn't be happier to have these two businesses coming into the township," Supervisor Greg Baroni said. "You normally have to drive out to Novi or Auburn Hills to go to either of these stores. Having them located in White Lake will be a great convenience for our residents."
Baroni said, so far, the reaction to the news has been positive.
"When we look to attract businesses to the township, we try to listen to our residents and bring in stores they frequent," he said. "We've had extremely positive feedback about Jo-Ann Fabric and Bed, Bath & Beyond."
O'Neil said the two anchors will also likely help to boost the smaller, local businesses located within White Lake Plaza.
"It's a win-win," he said. "These business will attract customers from White Lake and the surrounding area and bring more foot traffic to that plaza."
In addition to Jo-Ann Fabric and Bed, Bath & Beyond, the next year will bring several new businesses to the township, Baroni said. However, he said he couldn't elaborate because contracts haven't been signed yet.
Both Baroni and O'Neil said the township is pushing to fill vacant storefronts in White Lake.
"We always talk about development, but I think striking a balance between development and redevelopment is key," O'Neil said. "To be able to attract business to vacant properties and have them redeveloped is key to our growth and local economy."
Redevelopment of the Farmer Jack site will begin in the fall with improvements to the building facade and parking lot.