RALEIGH, N.C. (WTVD) — After more than four decades in business, City Club Raleigh is closing its doors for good at the end of the year.
Its members were informed of the imminent closure in a letter sent Tuesday evening.
“Our last day of operation will be Tuesday, December 31, 2024, with the conclusion of our lease,” the letter states. “This decision was not taken lightly and reflects the current circumstances that have affected our operations in the post-Covid era.”
The City Club opened in 1979.
General manager Liz Miller, who declined an interview with ABC11 on Wednesday, sent a statement that read in part: “It has been an honor to be a part of so many memorable experiences…and we wish everyone the best in their future projects.”
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This year, Wells Fargo also moved out of Capitol Center, largely citing reducing underutilization of space pre-Covid, according to a spokesperson.
“As part of our multi-year effort to build a stronger, more efficient Wells Fargo, we continually evaluate our real estate portfolio to ensure we are best meeting the needs of employees and customers, responding to consumer trends and economical and that we manage our costs responsibly. “said the spokesperson.
Despite the departure of some of downtown Raleigh’s biggest tenants, some experts said the evolving business landscape is “still healthy,” with an increase in office leasing.
“If you look at the overall decline of private dinner clubs and social clubs over the last decade, I think it might just be a business decision because they haven’t said where they’re going or what they’re going to do. do with the club,” said Billie Redmond.
Redmond, founder of commercial real estate company TradeMark Properties, said that although the City Club is leaving the Wells Fargo building, a law firm that already operates inside the building plans to take over the 28th floor space.
“Highwoods Properties, which owns (the building), is making significant improvements and making substantial investments in the building, so they’re obviously optimistic about downtown,” Redmond said. “So on one hand you have the City Club closing after a long history in downtown and you have Smith Anderson, who has been on Fayetteville Street for a hundred years, who not only renewed their lease, but even enlarged.”
Redmond said she expects downtown to continue to attract investors.
“The more people that live downtown, the more office rentals there will be, the more retail and entertainment rentals there will be,” Redmond said. “Think about the Convention Center expansion and the new Omni Hotel. It all just shows that we’re going to continue to grow and we’re going to realize that in the next few years.”
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