The Carolina Hurricanes finalized a deal with the Centennial Authority on Tuesday, Aug. 15, agreeing on a 20-year lease extension and $800 million in developments to reshape PNC Arena as well as the vacant land around it.
The lease extension and developments were “negotiated over a period of many months.” The new lease ties the Canes to the arena until 2044, replacing the former lease extension the team signed through 2029.
The $800 million for developments is in addition to the tentatively allocated $300 million for PNC Arena renovations that could begin as early as next year.
Canes owner Tom Dundom is in charge of allocating the $800 million in developments over the course of 20 years, with the first $200 million going towards the creation of retail and restaurant space, 200 residential units, and a 150-room hotel. Other developments include $10 million for a sports betting lounge and $40 million for a new music venue.