The Carolina Hurricanes announced plans to develop a $1 billion mixed-use district surrounding the arena shared with North Carolina State University.
This 80-acre Raleigh Sports & Entertainment District will include retail, dining, a 4,300-seat amphitheater managed by LiveNation, and outdoor spaces for tailgating and events. Development will take place over 15 years, with the first phase beginning in December 2025.
The project, funded with $800 million in private investment, will also feature 200,000 square feet of entertainment and retail, office space, a hotel, and 500 apartments by 2030.
In August 2023, the team secured a 20-year lease with the Centennial Authority for PNC Arena, which included $300 million in public subsidies for venue renovations. Tom Dundon, the team’s owner, had previously expressed plans to develop the area around the arena.
The project aims to enhance the fan experience by preserving the region’s tailgating traditions and making the area accessible to Raleigh, Durham, and Chapel Hill. The arena, opened in 1999, is due for additional renovations, and Lenovo is rumored to take over naming rights.
The development follows a trend in the sports industry, with districts like Edmonton’s ICE District and others blending sports venues with retail and entertainment spaces. The Hurricanes aim to replicate and adapt these ideas to fit Raleigh’s unique character. The team’s value rose by 59%, now ranked 24th among NHL franchises at $980 million.
