TGI Fridays closes, paves the way for a bank expansion in southwest Charlotte
Ten months after Fifth Third Bank filed a plan with the city of Charlotte to demolish a Steele Creek TGI Fridays, the restaurant chain that denied it was closing is closed for good.
Fifth Third’s Steele Creek project is part of the regional bank’s rapid expansion across the Southeast. It has plans to open eight more branches in the Charlotte market through 2028.
Despite being listed as “temporarily closed” on its website, all of TGI Fridays’ signage had been removed by Tuesday from the building at 12811 S. Tryon St. A large dumpster sits on the side of the building and gray and blue plastic crates lay in disarray at its entrance.
A sign posted on the restaurant door said the restaurant permanently closed Aug. 31, referring customers to two other Charlotte locations at Northlake Mall and 409 W. WT Harris Blvd. in the University area.
“As part of the closure, transfer opportunities have been offered to many of the restaurant’s employees,” TGI Fridays spokesperson Maripaz Romero told The Charlotte Observer. TGI Fridays declined to provide a reason for the restaurant’s closing.
The 1.2-acre Steele Creek site property is an outparcel of RiverGate shopping center, owned by Kolb Tucson in Englewood, New Jersey, according to Mecklenburg County property records. Kolb Tucson officials declined to comment, referring comment to Fifth Third Bank.
The restaurant building will be demolished, as The Charlotte Observer previously reported. But bank officials could not confirm a timeline for when demolition will begin.
About Fifth Third Bank in Steele Creek
Fifth Third’s Steel Creek project will include building a 1,900-square-foot bank branch with a two-lane remote drive-thru and ATM, according to city filings. The plan also includes about 12 parking spaces.
The bank is expected to open in late 2025, Tommy Lloyd, Carolinas retail executive for Fifth Third Bank, said Friday.
Features of the new bank, Lloyd said, include:
▪ Rather than having teller “windows,” the new space gives employees the freedom to move around the lobby. Tablet computers encourage a more direct and personal way of serving customers.
▪ A tech wall with a dynamic digital screen.
▪ Flexible meeting and seating areas, with layers of privacy that can adjust depending on the need and type of conversation taking place.
Two other branches — Mills Crossing in Fort Mill, South Carolina, and 2340 Beatties Ford Road in west Charlotte — are expected to open in December, Lloyd said. That will bring the bank’s total new locations in the Charlotte region to 20 since expansion began in 2018, he said.
Fifth Third Bank ranks fourth to the city’s three largest banks — Bank of America, Truist and Wells Fargo — in total deposits in the metro area.
What happened to TGI Fridays in Steele Creek
In November, Cincinnati-based Fifth Third Bank submitted a sketch plan review to the city for the TGI Fridays’ site. But restaurant officials told The Charlotte Observer at that time there were no plans to close.
But in January, the 59-year-old Dallas, Texas-based casual dining chain said it would close 36 stores in 12 states. No North Carolina restaurants were on the list.
On Sept. 2, the chain’s acquisition by United Kingdom-based Hostmore fell through as Kroll Bond Rating Agency creditors seized TGI Fridays’ assets, Restaurant Dive reported.
Meanwhile, just as the restaurant closed in Charlotte, nearby Rivergate shopping center has seen openings from Total Wine, which opened in June, and Sephora, which opened last month.
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This story was originally published September 16, 2024 at 5:48 AM.