Lease Extension Reflects Canes' Growth & Builds Excitement For The Future

RALEIGH, NC. -Not all that long ago there were legitimate concerns regarding the state of the Carolina Hurricanes.

There was a nine-season playoff draught from 2009-2018.

During the 2016-17 season the team registered an NHL-low average attendance of 11,776.

Tuesday's historic announcement, a 20-year lease extension agreement including $300 million in building renovations and a commitment to $800 million in developing the area surrounding PNC Arena, would've been considered a pipe dream.

But today, after a swift few years of change, it's a reality.

"When (Tom Dundon) took over the franchise in 2018, we weren't in very good shape, from both a competitive and a financial standpoint. Now, five years later, we've made the playoffs all five and we've won our division the last three. He's very proud of what we've got going on here," Canes President & General Manager Don Waddell remarked at a press conference announcing the deal Tuesday morning.

Sitting alongside Philip Isley, Centennial Authority Board Chair, and Boo Corrigan, Director of Athletics for NC State University, Waddell shared more about the goal of improving fan experience in the venue as the number one priority.

"The bones of PNC Arena are in good shape. With the money the Centennial Authority has put in, and my staff maintaining it, we're in really good shape. What we don't have is some of the amenities that some of the newer buildings have - from clubs to food options. Everything that we're talking about right now is consumer-facing," Waddell said.

As the three parties work together to decide which projects are prioritized with the $300M, meetings will start as soon as today to keep the ball moving forward.

In addition to the interior of the venue becoming bettered, Gale Force Sports & Entertainment will completely transform the area around the arena, making it more than just a stand-alone stadium.

The first phase commitment by Gale Force includes developing at least 100,000 square feet of retail/dining space, 150,000 square feet of office space, 200 multi-family residential units, a 150-room hotel, and a 3,000-5,000 capacity indoor music venue. Additionally, Gale Force will provide 10% affordable, workforce and/or faculty housing on all phases at no more than 80% of area median income levels.

Worried about losing parking or the ability to arrive early and enjoy time outside the arena? Gale Force will also replace 95% of any public parking displaced by the development and will set aside five acres for a dedicated tailgate zone.

"If you look at this area right now, it's really a bunch of state-owned property with a lot of grass and trees... This potential development project is going to be the greatest thing to happen to West Raleigh since North Carolina State decided to build its university there," Isley remarked. "It's going to really be the catalyst for an extraordinary entrance into our city from the airport and everything that's happening on Blue Ridge Road with the state-owned properties. It can only get better."

Gale Force will commit to a minimum of $200 million in Phase 1 development within five years, $400 million within ten years, and $800 million within 20 years. Additionally, Gale Force will pay for 100% of all private renovations to PNC Arena.

With the renovations and development enhancing the overall feel of the area, the Canes will have the opportunity to showcase their enhancements when all is said in done with more marquee NHL events.

Waddell shared that the league has locked in bringing an All-Star Game to PNC Arena within three years of completion, as well as another Stadium Series Game within five years. While there isn't a set timetable right now for when the renovations will be completed, fans are already eager to have another experience similar to the one that culminated at Carter-Finley Stadium earlier this year, as well as welcoming the return of the league's best, which was last in Raleigh in 2011.

"The important thing for all of us is that there were a lot of exit windows and there were a lot of people skeptical on if (Tom Dundon) wanted to keep the team here. By us committing to today's announcements, I give him all the credit," Waddell continued. "He wouldn't be committing all of this money if he didn't believe in what we're doing here and what is happening here."

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