The Carolina Hurricanes said the governing body for PNC Arena has approved a development agreement to create a long-discussed mixed-use district around the arena including entertainment, retail and office space, a music venue, apartments and a hotel.
In a statement on Thursday, the Hurricanes also said the Centennial Authority officially approved and signed the lease extension for the Hurricanes to remain at PNC Arena at least through the 2043-44 season, which was first agreed to last summer.
That jumpstarts a $300 million project to upgrade the 25-year-old home to the Hurricanes and the North Carolina State men's basketball team, set to begin in 2025.
"We are thrilled to begin the transformation of the 80-acre campus around the arena," Hurricanes owner Tom Dundon said in a statement. "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, N.C. State, Wake County and the city of Raleigh."
The first phase of the development includes more than 200,000 square feet of entertainment and retail space, 150,000 square feet of office space, a hotel and apartments, projected for completion in 2030.
Additionally, there are plans for a 4,300-seat ballroom operated by Live Nation to bring music and entertainment to a district featuring dining, plazas, promenades, parking and tailgating areas.
"Many people spent years working on this vision that we have now achieved, and I'm deeply grateful for their professionalism and determination," Centennial Authority chairman Philip Isley said in a statement. "Millions of fans will enjoy the product of that dedication for many years to come."
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