PNC Arena renovations and Raleigh Convention Center expansion included in funding pitch
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PNC Arena & West Raleigh Development Plans
Carolina Hurricanes owner Tom Dundon has a vision for both inside and outside PNC Arena that could entice fans to come early for games and stay after they’re over. Here is The News & Observer’s coverage of arena renovations and development plans for west Raleigh.
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PNC Arena renovations and the Raleigh Convention Center expansion are both included in a funding pitch to local leaders.
Both project are included in a new plan to spend tourism money and needs the blessing of the Raleigh City Council and the Wake County Board of Commissioners.
Wake County Manager David Ellis and City Manager Marchell Adams-Davis held a meeting Friday with stakeholders to present how they intend to spend local tourism money that comes from hotel stays and food and beverage purchases.
Wake County Commissioner Chair Shinica Thomas is looking forward to reviewing the plan on Monday.
“We know it’s important to maintain and grow facilities like PNC and the convention center because they draw people from all over the world to Wake County, which is good for our economy,” she said.
The meeting included representatives from the towns of Cary, Fuquay-Varina, Wendell, Holly Springs and Apex, Wake County Economic Development, the Centennial Authority, the visitors bureau, hotel and restaurant representatives and other members of the city of Raleigh and Wake County.
This money can only be used for projects to support the arts, cultural, sports or conventions to drive overnight stays in the county.
Here’s a look at what’s in the proposal:
Red Hat Amphitheater and Raleigh Convention Center: This proposal includes $25.6 million a year for 30 years with projects set to begin in fiscal year 2025. It also leverages in $387 million in debt capacity.
Raleigh officials unveiled plans earlier this year that would move the 6,000-seat amphitheater over a block to the unpaved parking lot behind the Lenoir Street Parking Garage and let the convention center expand to where Red Hat is currently located. The amphitheater was always meant to be temporary but the city fell in love with it and want to see it remain downtown, said Kerry Painter, executive director of the Raleigh Convention Center, in a previous interview.
The $425 million expansion plan includes a walkway between the Raleigh Convention Center and the one proposed for where Red Hat is located. The plan would also close Lenoir Street between McDowell and Dawson streets.
Downtown Raleigh Hotel/Parking Infrastructure: The plan includes $6.02 million a year for 20 years, and leverages up to $75 million in debt capacity. It assumes the project won’t exceed $75 million.
Raleigh is searching for a partner to build a hotel and mixed-use building in the parking lots in front of the Martin Marietta Center for the Performing Arts. Proposals for that hotel are due back this month.
PNC Arena: The proposal includes $21 million year for the sports and concert arena for 25 years. It leverages $300 million debt capacity. It assumes a long-term lease extension with the Carolina Hurricanes, development around the arena and affordable housing, according to the presentation.
The Carolina Hurricanes’ long-term lease and development around PNC Arena were both on pause as Wake County and Raleigh debated the funding proposal. The deal hung on the Centennial Authority, the group that oversees the arena, receiving funds to renovate PNC Arena. The Centennial Authority scheduled a special meeting for Tuesday to “hear from the Authority’s Consultant regarding arena lease negotiations and vote on two (2) term sheets,” The News & Observer previously reported.
Cary Indoor Sports Facility: The proposal includes $5.35 million annually for 25 years. The facility previously received $60 million from the pot of money. This 4,000-seat indoor arena was originally planned for the Cary Towne Center but plans shifted after Epic Games bought the mall in 2021. Now the plan for arena, called The Center, will be on six acres on Buck Jones Road at the South Hills Mall site. The town of Cary is reviewing community feedback on the plan.
The proposal also include a $1 million for the town of Cary Sports Facility capital expense. That funding was originally reduced to the pandemic.
Competitive projects: It adds $15.5 million over four years to a competitive project funding pool with governments, nonprofits and other institutions pitching ideas for that money. If it’s combined with the current small project funding, it would total $23.5 million. Several towns including Garner and Holly Springs pitched ideas for projects.
What happens next: The Wake County Board of Commissioners will get its first look at the proposal during a 2 p.m. work session Monday with an expected vote on Aug. 21. The Raleigh City Council will also hear the details of the plan during its meeting on Tuesday though the proposal is not on its agenda. Raleigh Mayor Mary-Ann Baldwin said she expects a vote on Tuesday.
This story was originally published August 11, 2023 at 11:32 AM with the headline "PNC Arena renovations and Raleigh Convention Center expansion included in funding pitch."
