The Centennial Authority, which owns PNC Arena (the home of the Carolina Hurricanes and NC State Men’s Basketball) announced a $300 million commitment to renovate the Arena. A 20-year lease extension between the Carolina Hurricanes and the Arena was also announced, along with a deal that would give the Hurricanes the rights to develop the land around PNC Arena into an entertainment district to include a small indoor music venue, housing, hotel rooms, and parking decks.
Details of the agreement include:
- A 20-year lease extension between the Hurricanes and PNC Arena. After the 2038-39 season, the team and Arena will negotiate the future of the arena or a replacement one.
- $300 million in Arena renovations. Both NC State and the Hurricanes will get a say in the renovations. The Hurricanes will provide $10 million to furnish a sports betting lounge, team office space, and premium seating areas.
- 3,000 to 5,000-seat indoor music venue adjacent to PNC Arena
- NHL will host the All-Star Game at PNC within three years of the completed renovation and an NHL Stadium Series game within five years of the lease extension.
- At least 95% of the parking lot in the development will be replaced, with 50% being surface parking, and the remaining parking decks.
- 20 acres of development within five years including retail, office space, housing, and a hotel.
- Tailgating: The development will affect Carter-Finley Stadium, home of NC State football and there are concerns about how tailgating for NC State football will be affected. Five acres of land adjacent to Carter-Finley will be dedicated to tailgating for NC State football games and will not be displaced with vertical development.