Peter Koutroumpis (@pksport)
RALEIGH, NC – The Carolina Hurricanes can call PNC Arena home for the next 20 years as announced on Tuesday by the Centennial Authority in conjunction with Gale Force Sports and Entertainment, LLC.
As a result, the Hurricanes will continue to call PNC their home rink through the 2043-44 NHL season.
Jazzing the place up a little
With the Hurricanes playing in PNC since 1999, the first major professional sports franchise located in the Raleigh-Durham region, the new lease extension includes a combined $300 million investment from the City of Raleigh and Wake County.
As a part of the development, Gale Force will enter into a ground lease to develop the land surrounding PNC Arena in a phased approach.
Gale Force will commit to a minimum $200 million in Phase 1 development within five years, $400 million within ten years, and $800 million within 20 years.
Additionally, Gale Force will pay for 100% of all private renovations to PNC Arena.
“Our goal is to transform PNC Arena into one of the most comfortable, versatile and fan-friendly experiences in the country,” Hurricanes president and general manager Don Waddell said.
“This project will completely revitalize PNC Arena to make it a state-of-the-art facility at a fraction of the cost of a new arena.”
The ATM is ready for more cash
As part of the agreement, PNC Arena will undergo major renovations, including the development of a transformational, vibrant sports and entertainment district and public gathering space around the arena.
The development will create a live, work, play destination for Triangle residents and visitors throughout the year.
PNC Arena contributes approximately $262M annually to the Wake County economy.
Come one, come all
With events ranging from Carolina Hurricanes and NC State Men’s Basketball games to major concert tours to family-friendly programming, there is no other venue in the state that supports the varied types of events hosted by PNC Arena.
Focused on the future, the facility looks to remain a world-class economic engine, serving as a catalyst for continued growth in the region.
“This is an exciting day for the Triangle,” Hurricanes owner Tom Dundon said.
“This development will transform PNC Arena into a year-round destination for residents, while also improving the event day experience for Hurricanes fans, NC State fans and concertgoers alike. North Carolina is the home of the Hurricanes, and I am proud to say that the Hurricanes will continue to call PNC Arena home.”
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