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Friday, July 19, 2024
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Charlotte Buzzing With $275M for Hornets’ Facilities

Charlotte-Hornets
Jim Dedmon-USA TODAY Sports

The Charlotte Hornets’ home is set for a major makeover after the Charlotte City Council voted in favor of a $275 million plan for Spectrum Center renovations and a new practice facility.

As part of the agreement, the Hornets have extended their lease through 2045, paying a total of $32 million in rent over that period. The team will also continue its annual $1.1 million capital fund contribution through the entirety of its lease.

Under the current deal, which expires at the end of the 2029-2030 season, the city is obligated to pay $173 million in renovations. In total, $215 million will be spent on renovations, and the remaining $60 million will go toward the practice facility. 

  • The funding for the practice facility will not be paid from tourism taxes, but instead by revenues from naming rights and other opportunities.
  • The renovations to Spectrum Center will be paid from rental car and hotel sales taxes, which are legally required to be spent on projects supporting Charlotte’s tourism.

Hornets’ New Nest

Work on the renovations and practice facility, which will be located in a redeveloped transit center across the street from Spectrum Center, could reportedly start as early as this summer. The practice facility is expected to open in 2027.

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