The announcement follows years of financial strain that have affected small and mid-sized museums since the COVID-19 pandemic and ensuing response, according to CAM Raleigh Vice Chair Kate Ferguson Boes.
She said the board's decision came after working with a consultant and was not a "fire sale."
The museum, known for hosting major exhibits and events highlighting contemporary art, had been a gathering place for many residents.
Dickens Sanchez of Raleigh said she has attended events there for 15 years and brought her children to its programs.
"I'm disappointed to hear that it will not be coming back," she said. Sanchez added, "They had some great programs for children in middle school."
Across the street at The Dillon, resident Megan Tillotson said she wished she had known more about the museum's challenges.
"If I'd known more about this, like, I probably would have gone more often. So I'm a little sad to see it go for sure," she said.
Boes said the museum has struggled with tightening government and foundation support.
"You couple that with, you know, government and foundation support is tighter," she said.
She added that the board wanted to free itself from the mortgage on the more than 20,000-square-foot property.
Museum leaders are exploring ways to reinvent CAM Raleigh, potentially with a smaller footprint downtown or through partnerships with other institutions.
"We want to do it very strategically, and get it right. So we are sustainable, and we're around for a very long time," Boes said. "We want to be very smart and deliberate about where we're going next."
The building is being listed by commercial real estate firm CBRE, and no list price has been announced.
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