Since Tom Dundon bought the Carolina Hurricanes for $420 million six years ago, the team has thrived, setting attendance records in 2022-23 with an average of 19,500+ fans per game and a sellout crowd of nearly 57,000 for an outdoor NHL Stadium Series game at Carter-Finley Stadium.
In 2023, the Carolina Hurricanes committed to staying at the Lenovo Center through 2044, following a deal with the Centennial Authority. The agreement, backed by hundreds of millions in public and team funding, gives owner Tom Dundon the rights to develop the surrounding 80-acre area, including concessions for N.C. State University parking.
The $1 billion development plan for the Raleigh Sports and Entertainment District project features four subdistricts holding up to 4,000 residential units and 3 million square feet of non-residential space with building heights up to 40 stories for entertainment, music venue, dining, retail, hotels, open space, and enhanced tailgating opportunities. One of the subdistricts will hold the arena itself, which will receive hundreds of millions in upgrades in the coming years.
The entertainment district's development timeline is 15 years. The first phase will begin in late 2025 and feature more than 200,000 square feet of entertainment and retail, 150,000 square feet of office space, a 150-room hotel, 500 apartments, and expanded tailgating areas.
Pacific Elm Properties and Gale Force Sports and Entertainment, the Hurricanes' parent company, are leading development. Kimley-Horn is serving as its civil engineer. The project spans a 15-year timeline, with each phase covering approximately 20 acres.
Source: Triangle Business Journal
“The only other person in Raleigh who has pulled off something this ambitious is John Kane. Let’s hope and pray that Tom Dundon is successful,” said APG’s CEO and Founder Jim Anthony.