Downtown Dallas News

Dallas leaders rally to save downtown Neiman Marcus from closing

Neiman Marcus downtown Dallas

Courtesy of Neiman Marcus

Dallas leaders are rallying to save an iconic downtown institution: luxury retailer Neiman Marcus, whose location at 1618 Main St. is closing on March 31 following a dispute with one of its landlords.

On February 18, Neiman Marcus owner Saks Global revealed that they'd received a notice from a landlord to terminate their occupancy, despite having been a beloved institution in the community for more than a century.

In response, leaders from the city of Dallas met on Tuesday, February 25 at 10 am in front of the store, to stress the importance of Neiman Marcus and why it should not be lost due to a lease dispute.

Attendees included Dallas City Manager Kimberly Tolbert, Downtown Dallas Inc president and CEO Jennifer Scripps, Todd Interests founder and CEO Shawn Todd, and Dallas Economic Development Corporation CEO Linda McMahon, who offered remarks at a conference on the sidewalk in front of the store at 100 S. Ervay St.

"We're aggressively making strides to redevelop the Kay Bailey Hutchson Convention Center which will attract millions of visitors and as the downtown landscape continues to evolve, we know it's important to continue to focus on this flagship store, which is part of the fabric of downtown," Tolbert said. "This store continues to set a standard for excellence in downtown Dallas — it has helped put Dallas on the international map, and we believe it's crucial for Neiman Marcus to remain in this space and serve as a cornerstone and catalyst."

The land on which Neiman Marcus resides has several different owners, but the landlord in question is the Slaughter family, who own a sliver of property under the southwest corner of the building.

The original owner of this property was Christopher Columbus "C.C." Slaughter Jr. who signed a 99-year lease with Herbert Marcus and A.L. Neiman for the property in 1926. (There's been squabbling over the land practically since Day One with a lawsuit over who deserved broker fees filed in 1935.)

The current owners include "Slaughter Partners LP," a Dallas company whose registered agent is Stephen J. Rogers, a member of the Slaughter family and founder of Viceroy Investments, whose slogan is: "We are value-add investors, strategically focused on infill opportunities… Viceroy seeks opportunities where value can be created through development, redevelopment, or re-positioning of a property."

Other Slaughter-related companies involved include CCS Commerce B LLC whose mailing address is a Dallas home owned by Timothy Slaughter Rogers; and Pecan Branch LLC, whose president is William Slaughter Rogers.

According to the DMN, the other landlords in question — the Dallas Foundation and Keating Properties — were both supportive of keeping Neiman Marcus downtown.

Shawn Todd of Todd Interests, which has developed such downtown buildings as The National, bringing restaurants such as the award-winning Monarch to Dallas, said he had conversed with Richard Baker, chairman of Neiman Marcus owner Saks Global.

"The good news is that we're here today for Mr. Baker to help solve a problem," Todd said. "Downtown dallas is riddled with longterm ground leases. Our team once encountered a ground lease with two ladies who are over 90 years old. Several years ago, we encountered one under One Dallas Center — we ended up buying out a ground lease that had dozens of beneficiaries. It can be hard to herd all the cats."

"I don't want to be presumptuous about what's happening under this one city block," he said. "We're thrilled to hear that this landlord has Dallas roots and will care greatly about our city and about what's happening ..l because we all want to keep Neiman Marcus."

ECD CEO Linda McMahon said that a letter was going out to Saks leadership as well as all of the property owners, to convene a meeting in a week.

"I've seen first-hand how Dallas comes together to do whatever is necessary, that's what make Dallas special, and we'll take Saks at their word that they want to remain and we want to help them do that," she said. "No one is here for personal gain — we all want to help clear up this misunderstanding, and do this the Dallas way, all for the betterment of the city. Neiman Marcus is not just a brand, it's a piece of the city's soul. Let's not lose this flagship because of a land lease negotation that's gone sideways."

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This is the income you need to buy a starter home in Dallas right now

Photo by Zac Gudakov on Unsplash

Dallas and Austin lead the nation for improving starter-home affordability.

A new housing affordability report shows Dallas is among the nation's top metros for improving starter-home affordability. First-time buyers are finally catching a small break, with the income needed to purchase a median-priced starter home falling in 2026.

Dallas residents need to earn $83,096 to afford a median-priced home in the metro area, or 5.1 percent less than they did last year, the Redfin report found.

Dallas had the third-biggest decline in the income needed to afford a starter home out of the 50 U.S. metros analyzed in the report. Redfin also determined that all starter home listings in Dallas are "affordable" based on the city's median household income — which the report estimates at $103,144.

Dallas still has a far higher income required to afford a starter home compared to the national average, but affordability is improving slightly across the board. Americans need to make $70,693 to afford the typical starter home, according to the report's findings.

"The income needed to buy a starter home is declining while earnings are rising," the report said. "The typical American household earns an estimated $87,599, about $17,000 more than what’s needed to buy the median-priced U.S. starter home. That gap is widening: A year ago, the typical American earned roughly $12,500 more than they needed to buy a starter home."

Still, starter home affordability is "still often out of reach" for first-time homebuyers in expensive real estate markets due to "near high record" sale prices and soaring mortgage rates, the study said.

In neighboring Fort Worth, residents only need to make $77,886 to afford a starter home — an attainable milestone based on the city's estimated median household income of $93,102. Fort Worth ranks fourth nationwide for its year-over-year improvement in starter home affordability.

For additional comparison, this is the income needed to afford a starter home in other major Texas metros:

Austin – $92,607 (down 6.1 percent)
Houston – $70,384 (down 4 percent)
San Antonio – $62,859 (down 3.7 percent)

Unfortunately, affording a home in the overall housing market is further straining Americans' wallets. American households need to make just under $110,000 afford the typical U.S. home, but Redfin's evaluation found the typical household makes about $22,000 less than that.

"The discrepancy is partly because the overall market is driven by outsized price increases in the luxury segment, and outsized price increases in places like San Francisco and West Palm Beach, where affluent buyers are active," the report said. "At the same time, some would-be buyers of starter homes are pulling back because they typically earn less money and are more sensitive to affordability pressures."

The top 10 U.S. metros with the biggest declines in the income required to afford the typical starter home are:

No. 1 – Austin, Texas
No. 2 – Oakland, California
No. 3 – Dallas, Texas
No. 4 – Fort Worth, Texas
No. 5 – Denver, Colorado
No. 6 – San Francisco, California
No. 7 – Phoenix, Arizona
No. 8 – Las Vegas, Nevada
No. 9 – Houston, Texas
No. 10 – Los Angeles, California

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