NC State impacted by PNC Arena renovations, development
On Tuesday, the Carolina Hurricanes, NC State and Centennial Authority announced a 20-year lease extension for the NHL franchise that will include a $300-million renovation of the arena by the Authority. The redevelopment of surrounding areas by the ’Canes will also have an impact on NC State athletics.
“To be sure, this building is going to be a phenomenal place for NC State athletics to continue to play in and thrive in,” Philip Isley, chairman of the Centennial Authority, said.
The Carolina Hurricanes’ parent company, Gale Force Sports and Entertainment, will have the rights to develop the land owned by the state and leased to Centennial Authority. The first phase of the project will include 20 acres and be completed within five years. Smaller developments will be part of each subsequent phase.
Gale Force will commit to a minimum $200 million in Phase 1 development and $400 million within 10 years for additional phases. The investment extends to $800 million within 20 years, and Gale Force will pay for 100 percent of all private renovations to PNC Arena.
Although specific details of the plans have not been fully decided and released, there will be a new indoor music venue that seats between 3,000 and 5,000 spectators built adjacent to PNC Arena at an estimated cost of $40 million. There will also be 100,000 square feet of retail/dining space, 150,000 square feet of office space, 200 multi-family residential units and a 150-room hotel as part of Phase I.
Other proposed projects include a sports betting lounge.
As part of the agreement, NC State will have a say in renovations to the arena.
NC State director of athletics Boo Corrigan hailed the agreement as a “great thing for us.” He expressed his gratitude to the $300 million commitment that he believes will enhance the experience both for the Wolfpack student-athletes and the NC State fanbase. Corrigan noted the development will make PNC Arena “a more dynamic space.”
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“College athletics at times can be a bit of an arms race,” Corrigan noted. “It’s kind of great to be in this relationship that we have with the Centennial Authority as well as the Hurricanes, and we’re excited about it.”
Of course, for many NC State football fans, the concerns quickly pivot to the potential impact of the Wolfpack’s well-known tailgating atmosphere at next-door Carter-Finley Stadium. NC State will have a “tailgate zone,” although that space has not yet been defined. The agreement stipulates that no vertical development shall occur in that zone.
“We’re fortunate here,” Corrigan explained. “We have north of 14,000 spots, and when you look at 95 percent of those spots are going to be replaced on the PNC side, if you will, of the property [and] 50 percent of those will be surface parking.
“That leaves another 10,000 other spots that are out there. We’ve talked about this before, it’s like the best and worst problem in the world to have. We have unbelievable parking. It’s as good as parking as there is in college football. We’re going to lose some. It’s going to repurpose, but we still have an awful lot of parking.”
Some of the new parking at PNC Arena is expected to be in the form of decks.
