STUDIO NOIR · Market Selection: RDU (Raleigh · Durham · Chapel Hill)

Why the Triangle wins Phase 1 over the original Charlotte plan. Which neighborhoods pass the filter. What we walk away from. Data drawn from the RDU market brief; sources cited inline.

The decision

The Triangle (Wake + Durham + Orange counties) over Charlotte, Nashville, Atlanta, Miami, and Austin.

Reason for the pivot from the original Charlotte plan: Taj lives in Raleigh. Founder proximity is worth more than the marginal wealth density Charlotte offered. On the harder analysis (below), RDU also has cleaner category whitespace than Charlotte does. Nothing in Charlotte competes at STUDIO NOIR’s intersection of luxury × pole × private-club × creator-friendly production; nothing in RDU does either, and RDU has faster HHI growth and tighter retail vacancy.

Charlotte remains a Phase 3 franchise candidate. Atlanta and Miami stay top-3 franchise targets. Nashville is a fast-follower.

Why RDU wins on the numbers

Demographic depth (Wake County alone): - 460,175 total households; 25.94% of family households earn $200K+ = ~119,000 HHs at $200K+ in Wake alone. Source: https://usafacts.org/answers/what-is-the-income-of-a-us-household/county/wake-county-nc/. - Adding Durham + Orange counties: total addressable pool is ~35,000 to 40,000 women in $250K+ HHs aged 25 to 45. If STUDIO NOIR captures 1% of that (350 to 400 members) it is a full waitlist club.

Wealth concentration (top ZIPs):

Sources: https://zipatlas.com/us/nc/raleigh/zip-code-comparison/highest-median-household-income.htm, https://www.incomebyzipcode.com/northcarolina/27614, https://www.incomebyzipcode.com/northcarolina/27540.

Growth signals: - Raleigh-Cary MSA grew 10.2% since 2020 to 1.6M; Durham-Chapel Hill grew 6.6% to 621K. Source: https://www.axios.com/local/raleigh/2025/03/13/raleigh-durham-population-growth-census-immigrants. - Rich renter households (>$150K income) in Raleigh grew 178% between 2015 and 2020. Source: https://www.aol.com/number-rich-renters-soaring-triangle-050000724.html. - Raleigh retail vacancy: 2.3%, one of the tightest in the country. Source: https://www.bisnow.com/raleigh-durham/news/economic-development/raleigh-sees-notable-increase-in-population-job-growth-132373.

Category whitespace confirmed: - No studio in the Triangle currently combines pole/heels/sculpt + private-club membership + luxury aesthetic + creator-friendly production values. - Closest current comps: Aradia Fitness Triangle (utilitarian), Pole Play Fitness on Fall of Neuse (“upscale” language but strip retail context), Pink Cherry Pole & Dance (party/bachelorette-forward). - Luxury boutique tier is served by MEGA, JETSET Pilates, Sculpt Society-influenced small studios, Life Time Signature. Nothing bridges movement discipline with private-club architecture.

Full comparison table in [[market-brief-rdu]].

Neighborhood analysis for Phase 1

Six Triangle submarkets evaluated.

RECOMMENDED · North Hills / Midtown Raleigh

Why: Anchor for ITB and North Raleigh wealth. The Strand (20-story mixed-use) delivering luxury apartments and high-end restaurant space in early 2026. Highest performing “urban-lite” retail district in Raleigh. Landlord: Kane Realty (talk to them for tour access, do not hire them as tenant rep).

Target ZIPs served: 27608, 27609, 27615, 27614.

Rent range Phase 1: $45-$65/sqft NNN + $4-$6 CAM for prime high-street inline at 3,000-5,000 sqft; corner/anchor pushes to $70+. For a 2,000 sqft box: $12K-$16K/month all-in. Requires TI negotiation to work with the $84K cash budget. See [[startup-budget]] for how the two-lever cash + TI + equipment lease plan absorbs this.

Walk trigger: If Kane will not deliver 6+ months free rent + $60/sqft+ TI on a 2,000 sqft second-generation retail suite, we walk to Fenton or Waverly.

RECOMMENDED · Fenton (Cary)

Why: 92-acre Hines/Columbia mixed-use, Phase 1 opened April 2022 with 250K sqft of specialty retail. Sits at the doorstep of 27519, the metro’s wealthiest ZIP (38.9% of HHs >$200K). Direct catchment of the West Cary $200K+ HH cluster. Landlord: Hines/Columbia; leasing rep Bruce Koniver (Odyssey Retail Advisors, landlord-side).

Target ZIPs served: 27519, 27518, 27513, 27539.

Rent range Phase 1: comparable to North Hills, $45-$65/sqft NNN. Fenton is competitive to tour into but its curation is exactly the “we choose you, you don’t choose us” model that our brand deserves.

ALTERNATE · Waverly Place / Waverly Corners (Cary)

Why: Proven wellness cluster (Whole Foods anchor). Lower rent than Fenton. Off-high-street means less foot traffic but stronger destination-visit behavior.

Rent range: $32-$40/sqft NNN. For a 2,000 sqft box: $7K-$10K/month all-in. The most cash-efficient of the Cary options.

Verdict: Strong second choice. Sign here if the Fenton or North Hills package requires more than $84K cash + reasonable TI to make work.

ALTERNATE · Village District (formerly Cameron Village, Raleigh)

Why: Legacy anchor for ITB wealth. Adjacent to 27608. Recent renaming was a positioning refresh. Landlord: York Properties.

Rent range: $40-$55/sqft NNN. Middle tier.

Verdict: Third option. Would work but does not stretch as far into premium as North Hills or Fenton, and does not save enough vs Waverly.

ALTERNATE · Brightleaf District (Downtown Durham)

Why: Cultural cachet, downtown Durham momentum, Asana Partners as landlord. Cori Nix at CBRE has the direct relationship.

Rent range: $30-$45/sqft NNN. Cheapest of the target set.

Verdict: Strong if the Durham catchment (27712 wealth, Duke medical/faculty income) reads for our target member. Weaker if we need the West Cary or ITB Raleigh core.

NO-GO · Downtown Raleigh (Warehouse District / Glenwood South)

Why not: Brand energy is right but the target demo does not live here in enough density. Reads younger + downtown-work-crowd, not premium at-home client. Reconsider for a Phase 2 pop-up or events venue.

NO-GO · Chapel Hill Meadowmont

Why not: Wealthy but small catchment; academic-luxury (understated) rather than creator-luxury (aesthetic-forward). Better cross-promotion partner than direct location.

NO-GO · Downtown Wake Forest

Why not: Wealth is there (27587 median HHI $133K) but the geographic center of the town is small; STUDIO NOIR would be the destination on a sleepy Main Street rather than a beat in a scene. Reconsider for a Phase 3 franchise unit.

Site scorecard for Phase 1

Every Phase 1 property gets scored on 8 non-negotiables. Score below 24/40 = walk.

Below 24 = walk. 24 to 30 = negotiate hard. 30+ = sign.

Timeline for Phase 1 real estate

• Aug-Sep 2026: Send 5 broker intro pitches (see [[broker-roster]]). Interview 5. Retain 1 primary + 1 secondary.
• Oct 2026: Broker delivers 6-10 property tour list. Joint tour with Taj + Trill on top 5.
• Nov 2026: Structural engineering check on top 3 (rigging load, ceiling clearance, egress). Shortlist to 2.
• Dec 2026: LOI signed on primary. Backup LOI held on alternate.
• Jan 2027: Lease negotiated with landlord approval of pole rigging in writing.
• Feb 2027: Lease signed.
• Q1 2027 (Feb-Apr): Buildout begins (6-10 weeks).
• Spring 2027 (May): Soft open (founding members only).
• Fall 2027 (Sep-Oct): Full open.

What we walk away from Phase 1

STUDIO NOIR Phase 1 does NOT chase: - Any property with less than 10 foot clear ceilings - Any landlord who will not approve pole rigging in the lease - Any property with columns in the middle of what should be the pole floor - Any deal that requires spending more than $45K on cash-side buildout - Any all-in monthly rent commitment above $16K without exceptional TI ($75+/sqft) and 8+ months free rent - Any lease term longer than 5 years without a right-of-first-refusal to renew

The right property is worth 60 days of extra searching. The wrong property drains our $84K and we do not get a second try.