A new kind of experience coming to Raleigh aims to mix professional needs with luxury amenities.
Car Space, a coworking, social and event space for car enthusiasts, is opening this summer. The concept is a first-of-its-kind in the region and is located at 5200 Greens Dairy Road – off Spring Forest Road and next to East Millbrook Middle School.
The self-funded company was founded by three Triangle locals – one with a background in the automotive industry and two former startup founders. The 20,000-square-foot space just east of Capital Boulevard will have amenities that include a full-service cocktail bar, a cigar lounge and golfing and racing simulators.
The company is eyeing a June opening. Car Space is leasing an existing flex building and has put about $3.5 million into the buildout, co-founder and CEO Dave Younts said.
“We are not doing anything low-end; it's really meant to be upscale,” Younts said. “But also an attainable community. We don't want to present ourselves as elitist.”
The private club will offer social memberships and coworking memberships, with coworking memberships including access to social privileges and events.
Car Space’s website lists social membership rates at $125 per month with a $500 initiation fee (though that fee is currently waived through April 30). Social members will have access to the lounges, gathering spaces and events on Friday, Saturday and Sunday. Events will include Friday “social nights” and sports viewing parties.
The base level coworking membership – listed as Executive Access – costs $300 per month and includes “hotdesk” space for one person. A private office is listed for $800 per month and corporate memberships (for four or more employees) starts at $7,500 per year.
When at full capacity, Car Space is expected to be a 700 or 800 member club, Younts said. The club is currently accepting memberships, and so far more than 100 members have signed up.
Car Space is on pace to be profitable on its first day open, Younts said. For its first year in business, the company expects revenue to fall between $2.2 million and $2.5 million.
“It began, perhaps, as a passion project, but has grown into something that we see opening up one location in about every major city,” Younts said.
So far, Car Space has been self-funded – thanks to a few successful exits that the founders have been a part of in the past, Younts said. The company is in the process of closing a $1.5 million investment round from a West Coast investor, he said.
Car Space is already eyeing expansions into Charlotte and Charleston. The team is currently shopping for a property to purchase in Charlotte and will follow that location with Charleston.
Younts, a decorated military veteran, has a long history of working and investing in the startup space, including cofounding Paperstreet. Anthony You, Car Space co-founder and CRO, founded Summit Xpress Medical Supply. The medical distribution company was acquired by a private equity-backed firm in 2021. Car Space’s other founder and COO, Jonathan Fifield, previously served in manager positions at Hendrick Automotive and Deacon Jones.
The trio bonded over their affinity for luxury cars and automobiles.
The exotic car gallery inside Car Space will have between 11 and 20 cars on display at all times, with large windows providing a view of the cars from the office space. Club members can apply to store their cars in the space, though the company will be selective in choosing what is on display, Younts said.
Car Space will also bring in cars from outsiders, featuring things like Formula One racing cars. The gallery and lounge spaces will double as an event space with room for about 220 people.
Vistage, an international executive coaching organization, has purchased a membership with Car Space. The space meets the organization’s event and meeting space needs, according to Vistage master chair Chris Quinn.
Quinn and his wife lead about 10 groups with more than 150 members and have previously tried many of Raleigh’s spaces, he said.
“[Car Space] is a little more expensive, but it's offset by the amenities,” Quinn said. “This is kind of like a five-star hotel in the sense that you pay a little bit more, but I think the amenities and the experience that we can create for our members makes it worth it.”