Good luck to them. Gyms can contribute life to a street.
But there are low barriers to entry, high competition, and spotty brand loyalty. Hence, there have been 5 or 6 open and 4 or 5 close in the last ~4 years in my neighborhood. I would think the high rate would be fatal to a gym at that location, but maybe being seen is worth extra fees for members?
One thing I've noticed is that midtown is in desperate need of another high quality gym. Right now sky fitness at promenade is the only option in the area that provides the amenities people who are willing to pay 50-60 a month want. So that gives me hope it may work out.
Either way, at least they are doing the renovations to transform it from a bank. If they do fail it will be a lot easier for some other business to pop in.