Carolina Hurricanes sign 20-year lease extension at PNC Arena, renovations coming

As a result of the agreement, PNC Arena will undergo major renovations. These refurbishment plans include the development of a dynamic sports and entertainment district and public gathering space around the arena. Such enhancements will forge an exciting and vibrant destination for triangle residents and visitors of the area.

“This project will completely revitalize PNC Arena to make it a state-of-the-art facility at a fraction of the cost of a new arena,” said Don Waddell, the president and general manager of the Hurricanes. “Our goal is to transform PNC Arena into one of the most comfortable, versatile and fan-friendly experiences in the country.” 

“This development will transform PNC Arena into a year-round destination for residents, while also improving the event day experience for Hurricanes fans, NC State fans and concertgoers alike,” said team owner Tom Dundon. “North Carolina is the home of the Hurricanes, and I am proud to say that the Hurricanes will continue to call PNC Arena home.”

With the newly signed lease extension comes a combined $300 million investment from the City of Raleigh and Wake County. As a part of the reconstruction plans, Gale Force will begin to develop the land surrounding PNC Arena in a gradual approach. Gale Force will commit to a minimum $200 million in phase one development within five years, $400 million within ten years, and $800 million within 20 years. They will also pay for 100 percent of all private renovations to PNC Arena.

The Carolina Hurricanes have been a mainstay in the Raleigh-Durham region since the establishment of PNC Arena in 1999. The organization will be looking to bring its second-ever Stanley Cup to Raleigh and PNC Arena as this new lease takes effect over the following years.