Gale Force Sports and Entertainment, L.L.C, the arena operating division of the Carolina Hurricanes, entered into a new lease extension with the Centennial Authority. This is the ownership group of PNC Arena where the Hurricanes play and its surrounding 80 acres, on August 15, 2023. While this seems like news that is more routine than overly exciting, wrapped up in the lease extension is a major development plan for not only PNC Arena itself but the entire area surrounding. This historic deal shows not only a commitment to North Carolina but a bigger picture of the growing identity of the Carolina Hurricanes.
Carolina Hurricanes Sign New Lease Extension and Development Plan
When the Hartford Whalers moved to North Carolina, they were destined to play in Raleigh, North Carolina. However, the arena was not yet complete, so they played the first two seasons in Greensboro. But then the Raleigh Entertainment & Sports Arena was ready for action for the 1999-2000 season. And this is where the Hurricanes would call home since that time. While the name has changed a few times, this is home.
Since the Centennial Authority, a public body created by the North Carolina General Assembly, owns the arena, the Hurricanes lease it jointly with the NC State Wolfpack basketball teams. However, the Hurricanes operate the arena. And like most venues, it also hosts concerts and other events. The most current lease agreement was set to expire after the 2028-29 season, but the Hurricanes and the Centennial Authority entered into an extension through the 2043-44 year. This new lease includes a “no relocation” clause cementing the Hurricanes tie to the arena. But possibly even bigger than that lease extension were the ancillary arena enhancement and area development aspects.
A New Era for the Hurricanes Home
Included with the lease extension is an authorization for the Hurricanes to develop 80 acres surrounding PNC Arena. The tentative plans include an indoor music venue, housing, a hotel, dining, stores, offices and expanded parking. There really is not a significant presence of restaurants or bars close to PNC Arena at this time. As is synonymous with Hurricanes hockey due largely to college football’s influence, there is a “tailgating” protection built into the agreement to protect the area immediately surrounding Carter Finley Stadium, which shares the parking lot with PNC Arena, from tailgating hindering development.
As for PNC Arena, there will be enhancements and upgrades as well. This reportedly will include updated locker rooms and seating, a new enhanced main entrance, upgraded suites and bars overlooking the ice. Additionally, North Carolina legalized sports betting to begin in 2024 and there is mention of an authorized sportsbook arena area dedicated to such activities. The NHL has committed to bringing another NHL All-Star game and outdoor game to Raleigh within a few years of the development’s completion.
A New Unique Experience
This development deal, reportedly with funding of $300 million from the town of Raleigh and Wake County in addition to a minimum of $200 million within five years, $400 million within 10 years, and $800 million within 20 years from the Hurricanes, is the largest development deal in the city of Raleigh’s history. This is by far the biggest arena-related development for the Hurricanes since they moved to Raleigh.
But for the Hurricanes and their place in the league, the state and the world of hockey, this significant investment shows the new identity of the team. Following somewhat in the likes of teams like the Vegas Golden Knights, this will be a whole new experience for the consumer that’s bigger than hockey itself. This will no longer be solely an arena out in the suburbs but will be a year-round entertainment district. And for the team and their impact on the state, this is a huge step forward from the “dark years” of Hurricanes hockey when relocation rumours surrounded them like flies on garbage.
This team’s mission seems to be making hockey fun for the fans. But keeping fans and growing the fanbase are both important. This deal could turn a Saturday night hockey game into an all-weekend event with live music, various activities and dining, and a place to stay all in the same vicinity. PNC Arena is not in the middle of New York City like Madison Square Garden. This development will create a new go-to subsection of Raleigh for fans to have a truly unique experience when going to a Hurricanes game.
The Development Fits the Team
As was discussed in a previous article, this 25th season for the Carolina Hurricanes was a big organizational step forward. The team’s success, fan engagement and the success of the Stadium Series all were pieces to the positive direction. And this follows the storm surge, bunch of jerks marketing campaign and so forth from previous years.
The team is good right now, but no one knows how long that will maintain. Hopefully, it will be a long time. But you see teams go through the cycle of success and struggle, especially in the cap era. On-ice success is going to still be the biggest draw. However, investing outside the box is a move worth the resources.
In many ways, the Hurricanes have forged a direction on their own. But they also have cemented their importance to the state of North Carolina. This development deal is another major move pointing the team to the future.
Main Photo Credit: James Guillory-USA TODAY Sports
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