What’s in Store for Neiman’s in Downtown Dallas?

If, as looks almost certain at this point, the Neiman Marcus store closes its doors in downtown Dallas for good at the end of this month, the question arises: what’s next for the nine-story, 129,000-square-foot building?

The Dallas Morning News recently explored that topic in some detail. Here are its major conclusions:

• Putting a wrecking ball to the building is generally viewed as unlikely. More likely is some kind of new lease on life, such as that experienced by the former Dallas National Bank building, a 1920s Gothic high-rise just up Main Street from the NM store that was transformed into the luxury Joule Hotel in 2008.
• It probably won’t be taken over by any one retailer, but its first floor could be reborn as smaller shops and restaurants. (Some advocate finding a way to keep the popular Zodiac Room restaurant housed on the sixth floor either in that space or on the building’s ground level.)
• Conversion to offices is unlikely, given the continued popularity (especially with employees) of remote work.
• The most likely scenario is a conversion to part residential/part hotel, something that has happened elsewhere in downtown Dallas, as well as in other city centers.

“It’s sad that the store is going to close down, but what a cool building. Neiman’s building, just as a building regardless of what’s going on inside … it’s gorgeous,” Michael Swaldi, a senior managing director at real estate firm JLL, told the Morning News. “It’s got another chapter. It’s got a new life coming, and I’d love to see what it is.”

That’s a sentiment likely to be shared by many others, given the fondness locals have expressed for the store.