The Carolina Hurricanes today announced that Centennial Authority, the governing body created by the NC General Assembly that owns PNC Arena, has approved both the Hurricanes' lease extension as well as a development agreement for the construction of a mixed-use district around PNC Arena.
“For 25 years, fans of all stripes have experienced unbridled joy inside PNC Arena," said Chairman of the Centennial Authority Philip Isley in a press release. "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,” “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.”
The construction will take place in multiple phases.
Phase one of the project includes the development of over 200,000 square feet of entertainment and lifestyle retail, a variety of food and beverage options, a 150-key hotel, 150,000 square feet of office space and over 500 apartments, 10% of which will be affordable housing units.
The first phase is anticipated to cost around $200 million and to be completed by 2030.
There is also plans for a 4,300-seat ballroom to serve as a venue for concerts, shows and other events, multiple parks, plazas and promenades as well as parking upgrades and the area will feature a dedicated tailgating space.
Construction is slated to start on 2025.
“We are thrilled to begin the transformation of the 80-acre campus around the arena,” Dundon said in a press release. “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."