City of Dallas Puts Land Donation on Hold Amid Neiman Marcus Closure Talks
Introduction to the Situation
The City of Dallas is holding off on a land donation for a slice of the downtown Neiman Marcus property to assist with talks as the store’s planned closure nears.
The Council deferred a decision for two weeks on the property that sits under the store — and has been a source of dispute surrounding the closing of the downtown site.
Reasons for the Delay
“I think that it is appropriate, given the pendency of negotiations at this time, that we defer this matter to allow those negotiations to play out,” said Paul Ridley, council member, during the proceedings where he moved to defer the matter for two weeks.
The pause comes after Saks Global, the owner of Neiman Marcus, said last week that it agreed to talk with Dallas city manager Kimberly Bizor Tolbert.
Background on the Dispute
The talks follow weeks of back-and-forth between Saks Global and a consortium of city and business leaders to save the downtown store after a company statement said Neiman Marcus received a notice from a landlord to terminate the occupancy, “forcing us to close.”
By earlier this month, the city had the deed for the property in hand as the group looked to resolve the dispute.
City Council’s Involvement
The City Council vote was set to authorize the piece of property under Neiman Marcus from Slaughter Partners LP along with CCS Commerce A LLC and CCS Commerce B LLC, according to the agenda.
It also was to authorize “negotiations of a tenant lease of approximately 2,500 square feet of improved land.”
Saks Global’s Stance
Despite the group’s efforts in the past, Saks Global has stuck to its intention to close the downtown Dallas Neiman Marcus store.
“Our decision to close the Neiman Marcus Downtown Dallas store is final and we are moving forward as such,” Saks Global said in a statement earlier this month.
The situation is “far more complicated than what the public is being led to believe,” the company said.
Latest Developments
Tolbert earlier this month signed a letter addressed to Richard Baker, executive chairman of Saks Global, that requested a meeting, according to a copy of the document obtained by The Dallas Morning News.
After receiving a question regarding her efforts during the hearing on Wednesday, Tolbert pointed to “continuing to discuss the possible opportunities at this location.”
Ridley’s move to delay the motion for two weeks was approved by the council.
“We’ve always been open to speaking with the city manager of Dallas, and we look forward to doing so next week,” the company said in an email last week.
Still, it added that “our plans for the Dallas downtown store have not changed.” The site is set to close on March 31.
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Conclusion
In conclusion, the City of Dallas has decided to put the land donation for the Neiman Marcus property on hold as talks between Saks Global and city officials continue.
The decision to delay the motion for two weeks will allow for further negotiations to take place, and it remains to be seen whether an agreement can be reached to save the downtown store.
Frequently Asked Questions
Q: What is happening with the Neiman Marcus store in downtown Dallas?
A: The Neiman Marcus store in downtown Dallas is set to close on March 31, and the City of Dallas is in talks with Saks Global, the owner of Neiman Marcus, to try to save the store.
Q: Why is the City of Dallas involved in the situation?
A: The City of Dallas is involved because it has the deed for the property in hand and is looking to resolve the dispute between Saks Global and the consortium of city and business leaders.
Q: What is Saks Global’s stance on the situation?
A: Saks Global has stated that its decision to close the Neiman Marcus Downtown Dallas store is final, but it is open to speaking with city officials to discuss possible opportunities at the location.
