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The Centennial Authority Board, which operates the Carolina Hurricanes’ PNC Arena, has approved a development agreement for construction of a multi-phase, mixed-use district around the venue.
The development would include entertainment, retail and office spaces, a music venue, apartments, and a hotel in the Raleigh arena, which has a maximum capacity of 21,000.
The $800m enhancement project is now due to commence in 2025, and is separate to the $300m revamp of PNC Arena itself. The project was kickstarted by the National Hockey League (NHL) team’s lease extension at PNC Arena until 2043-44 that was signed last year.
“We are thrilled to begin the transformation of the 80-acre campus around the arena,” said owner and governor of the Hurricanes Tom 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.”
Development of the mixed-use district is due to be led by Gale Force Sports and Entertainment’s real estate affiliate Pacific Elm Properties which is majority owned by Dundon Capital Partners.
The first phase will be to install more than 200,00 square feet of retail space, a 150-key hotel, more than 500 apartments and 150,000 square feet of office space. Of the apartments, it is claimed that 10% of them will be “affordable at not more than 80% of area median income levels.”
This initial phase is projected to be completed in 2030.
After that, a new 4,300-seat ballroom set to be operated by Live Nation will be built. It is intended to host an array of events including concerts, comedy, community events, corporate meetings and more.
“For 25 years, fans of all stripes have experienced unbridled joy inside PNC Arena,” said Centennial Authority chairman Philip Isley.
“Their loyalty to their teams and entertainers – and to this region – turned PNC Arena into an economic juggernaut.
“Today, we finalised 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,
“Many people spent years working on this vision that we have now achieved, and I’m deeply grateful for their professionalism and determination. Millions of fans will enjoy the product of that dedication for many years to come.”
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