Located on the corner of Fairfax Blvd and Quincy Street, it will be replace by a luxury residential building built by WCI. The builders don't have any information about "The Club" on their site yet.
I question whether the Ballston community needs another luxury condo highrise, especially given the market. Light commercial business might do better there, as there is not much dining or nightlife nearby save for Temple Lounge or Pines of Flourence.
Edit: Looks like I didn't do my homework here, as construction on the Club has been in the works for 2 years. Guess I never noticed the sign... embarrassing....
Thanks Neil for pointing this out!