A local business group said it brokered a deal to keep the iconic downtown department store at its current site on Main Street, a week after Neiman Marcus' parent company announced that it would close the store after a dispute with a landlord.

Neiman Marcus' flagship store in Downtown Dallas might not be closing after all. On Wednesday, Downtown Dallas Inc. announced that a parcel of land the historic building stands on will be donated to the city when the department store's ground lease expires on March 31.

The City of Dallas has taken over the parcel of land, which local officials say paves the way for Neiman Marcus downtown to remain open.