The Wake County Board of Commissioners unanimously approved the use of over $1 billion in hospitality tax funds to be distributed between multiple projects over 25 years.
In 2022, 17.8 million people visited Raleigh and Wake County and spent $3 billion, according to Visit Raleigh. This reallocation of tax dollars is intended to draw even more tourism to the area. Additionally, bigger and better facilities means more jobs for the area.
We broke down the new deal by the numbers.
Raleigh Convention Center + Red Hat Amphitheater
Downtown’s convention and exhibition facility will receive $387.5 million for expansion with plans to construct a new building at the current home of Red Hat Amphitheater. This new space will add 300,000 sqft of convention space, according to WRAL, making the Raleigh Convention Center 800,000 sqft total.
As a result, Red Hat Amphitheater will move a block south to 205 W. Lenoir St. and plans to add between 500 and 1,000 seats to its roster. Construction will begin on the new amphitheater at the end of this concert season; concerts will continue on South McDowell Street through 2025, and the new space will open for the 2026 concert season.
PNC Arena
PNC Arena will receive $21.3 million annually for 25 years, intended for renovations and enhanced building infrastructure use. The arena is separately receiving $800 million over 20 years through the Carolina Hurricanes’ extended contract with the Centennial Authority.
Cary indoor sports facility
An upcoming Cary indoor sports facility will receive $5.35 million annually for 25 years. This facility, near South Hills Mall, will house 100,000 sqft of competition event space for everything from basketball to esports.
Construction on all of these projects will take a few years, but events scheduling should begin by the end of the year.
