The Carolina Hurricanes’ long-awaited renovations to PNC Arena represent a $1.1 billion transformation of the hockey venue and its surrounding footprint in downtown Raleigh, North Carolina.
With a new 20-year lease signed, $300 million will be spent by local authorities to upgrade the Hurricanes’ home ice, which also houses the N.C. State men’s basketball team. Team owner Tom Dundon will fund $800 million of redevelopment on the 80 acres surrounding PNC Arena during the life of the lease.
The first phase of projects surrounding the arena will be completed within five years and include retail, dining, and office spaces, as well as residential units, a hotel, and an indoor music venue that can fit up to 5,000 people. There are also plans for a sports betting lounge.
Specific renovations to the arena itself will be determined soon.
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Sports-centric “mini-cities” continue to be popular for professional teams and their local governments.
In Cleveland, the Browns are exploring a vast redevelopment project along Lake Erie, while Colorado Rapids owner Stan Kroenke wants to make their stadium site a year-round destination for MLS fans.
The NHL’s Pittsburgh Penguins have plans for $30 million in renovations to PPG Paints Arena, and the Philadelphia Flyers are close to completing $400 million worth of renovations to Wells Fargo Center. That project has caused controversy between the team’s owners and the NBA’s 76ers, who are arena tenants but exploring a downtown venue of their own.
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