The Centennial Authority approved a 20-year lease with the Hurricanes to remain at PNC Arena and a new "agreement for the organization to develop up to 80 acres around the arena." Included in the new lease agreement is $300M in "funding from Raleigh and Wake County for a renovation of PNC Arena" originally announced last August. Raleigh Mayor Mary-Ann Baldwin said, "This is the largest economic development project in the history of our city. I don't think you're going to recognize this area five years from now, 10 years from now." The Hurricanes could announce "enhancement projects to the arena ... in July or August," with the entire project not expected to "be completed until 2027 or 2028." The first phase of the project "must contain office space, retail, food and beverage options, and at least 200 multi-family residential rental units" ( WRALSPORTSFAN.com, 6/27 ).
Hurricanes ink lease extension, development deal
