RALEIGH, NC – The Carolina Hurricanes announced that the PNC Arena governing body has approved a development agreement to create a long-discussed mixed-use district around the arena that would include entertainment, retail and office space, a music venue, apartments and a hotel.
In a statement Thursday, the Hurricanes also said the Centennial Authority has officially approved and signed the lease extension first agreed to last summer, allowing the Hurricanes to remain at PNC Arena through at least the 2043-44 season.
This will kick off a $300 million project to modernize the 25-year-old home of the Hurricanes and the North Carolina State men’s basketball team, scheduled to begin in 2025.
“We are excited to begin transforming the 200-acre campus surrounding the arena,” Hurricanes owner Tom Dundon said in a statement. “Expanding our dynamic sports and entertainment offerings beyond the arena walls will provide fans with a world-class experience.”
“This long-term initiative will contribute to the sustainable growth of our community and would not be possible without the joint efforts of the Centennial Authority, the State of North Carolina, Wake County and the City of Raleigh.”
The first phase of the development will include more than 18,580 square metres of entertainment and retail space, 13,580 square metres of office space, a hotel and apartments. Completion is scheduled for 2030.
In addition, there are plans for a 4,300-seat ballroom operated by Live Nation that will bring music and entertainment to a neighborhood with restaurants, plazas, promenades, parking lots and barbecue areas.
“Many people have worked for years to bring this vision to fruition, and I am deeply grateful for their professionalism and determination,” said Philip Isley, chairman of the Centennial Authority, in a statement. “Millions of fans will enjoy the product of this commitment for many years to come.”
