Raleigh City Council considers Hurricanes' $1B plans to develop 80 acres around Lenovo Center

The Raleigh City Council will consider Tuesday approval for the rezoning of 80 acres around Lenovo Center, which would clear the way for the Carolina Hurricanes to begin a $1-billion redevelopment that proponents say could transform that part of the city.

The project is to be split into four phases over the next 20 years, provided the assessed value of the improvements exceed $200 million in each phase. 

Plans for the first phase include two parking structures, a tailgating zone, a 4,500-seat music venue operated by Live Nation, retail space, including bars, restaurants and a potential in-person sportsbook. Construction is set to begin at the end of the 2025 NC State home football season.

Future phases will include residential spaces, a hotel, more entertainment options, retail spaces and more. A replacement arena for Lenovo Center, too, could eventually be built on the acreage.

When the state-owned arena opened in 1999, the plan was to develop the land, which is currently largely parking lots that serve the arena and NC State’s Carter-Finley Stadium. The arena is located off Edwards Mill Road near Interstate 40 and Wade Avenue.

But over the last quarter-century, there was very little movement in that direction.

Hurricanes owner Tom Dundon bought a controlling interest in the franchise and operating rights to the arena in 2018 and bought the rest of the team in 2021. He has provided the spark to finally get moving on developing the area. In recent years, it has become fashionable – and profitable – to build entertainment districts around sports venues, allowing the owners to attract visitors on non-game days and for longer periods of time on game days.

“Really, I probably should have moved it faster, if anything,” Dundon said in September.

The Hurricanes got the rights to develop the land around the arena as part of a complex deal that included $300 million from the city and county to renovate the arena and a long-term lease extension for the franchise at the arena. The agreement first came together in August 2023 and was finalized last May. 

The first renovations are underway at Lenovo Center and the full project is expected to be complete by 2028.

The Hurricanes and NC State’s men’s basketball team are the tenants at the arena, which was previously called PNC Arena. The facility also hosts concerts and other events, such as monster truck rallies, Disney on Ice and esports tournaments.

The Hurricanes qualified for the Stanley Cup playoffs for the seventh consecutive season and have home-ice advantage in the first round against the New Jersey Devils.

The development could jumpstart other investments in west Raleigh.

“The largest economic development project in the history of our city,” then-Raleigh Mayor Mary-Ann Baldwin said last year. “I don’t think you’re going to recognize this area five years from now, 10 years from now. It’s going to come to life.”