Mixed-use district at Raleigh PNC Arena

Image: PNC Arena, Bentheswimmer11, CC BY-SA 4.0

The National Hockey League’s (NHL) Carolina Hurricanes have struck a deal to build a multi-phase, mixed-use district around PNC Arena in Raleigh, North Carolina.

The Hurricanes said they can get moving on the project after a lease extension was approved and signed by the Centennial Authority.

The agreement with the authority, which officially owns and oversees the arena and its operation, will keep the team at PNC Arena through at least the 2043-44 NHL season.

PNC Arena seats 18,700 for ice hockey and 19,500 for basketball and includes 61 suites, 13 luxury boxes and 2,000 club seats. The building has three concourses and a 300-seat restaurant.

The arena is home to the Hurricanes and the North Carolina State University Wolfpack men’s basketball team of NCAA Division I.

The signing of the lease extension jump-starts the $300 million arena enhancement project that will begin construction in 2025, upgrading the 25-year-old venue for Hurricanes and NC State fans.

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 (10% of which will be affordable housing at not more than 80% of area median income levels) 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.

The district will feature a variety of food and beverage offerings, along with multiple parks, plazas and promenades. Visitors to the district will enjoy easy and convenient parking, as well as direct walking access to all games and events at PNC Arena and Carter-Finley Stadium.

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.

Hurricanes owner Tom Dundon said, “We are thrilled to begin the transformation of the 80-acre campus around the arena.

“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.”

Philip Isley, Chairman of the Centennial Authority, added, “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.

“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.”

Development of the mixed-use district around the arena will be led by Gale Force Sports and Entertainment’s real estate affiliate Pacific Elm Properties, a Dallas-based company majority owned by Dundon Capital Partners.

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