RALEIGH, N.C. (WNCN) — Carolina Hurricanes owner Tom Dundon has officially signed a contract for a $300 million PNC Arena makeover and the development of an entertainment district. The agreement also comes with a lease extension to keep the team in Raleigh until at least the 2043-44 NHL season.
“We are thrilled to begin the transformation of the 80-acre campus around the arena,” said Dundon. “The expansion of our dynamic sports and entertainment offerings beyond the walls of the arena will provide fans with a world-class experience. This long-term initiative will help drive sustained growth in our community and would not be possible without the collaborative efforts of the Centennial Authority, NC State, Wake County and the City of Raleigh.”
The development of the entertainment district will come at a phased approach.
Phase one of the development will include over 200,000 square feet of entertainment and lifestyle retail, a 150-key hotel, more than 500 apartments and 150,000 square feet of office space. Phase one, fulfilling $200 million of the total $800-plus million investment outlined in the agreement, anticipates completion in 2030.
A new 4,300-seat ballroom, operated by Live Nation, will bring additional music and entertainment offerings to the mixed-use district. Live Nation is designing a venue that will serve as a community asset and host a wide range of events including concerts, comedy, community events, corporate meetings, special events, and more.
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The district will also feature a dedicated tailgating area that will provide one of the most unique game day experiences in sports for Hurricanes and NC State fans
“For 25 years, fans of all stripes have experienced unbridled joy inside PNC Arena. Their loyalty to their teams and entertainers — and to this region — turned PNC Arena into an economic juggernaut. Today, we finalized a lease extension and development agreement to repay that loyalty by delivering an entertainment complex befitting our region’s national profile and the NC State and Hurricanes’ fans who live here,” said Philip Isley, Chairman of the Centennial Authority.
Last year, PNC Arena generated more than $590 million. Over the next five years, an economic impact report predicts the venue will bring in $3.2 billion. After arena improvements and the development of the entertainment district are complete, economists expect the arena will rake in billions more.