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PNC Improvement |  The authority that oversees the Hurricanes arena approves the development plan for the multi-use district around the venue

PNC Improvement | The authority that oversees the Hurricanes arena approves the development plan for the multi-use district around the venue

RALEIGH, NC (WTVD) — PNC Arena officials have approved a development agreement to create a much-discussed mixed-use neighborhood around the arena that will include entertainment, retail and office spaces, a music venue, apartments and a hotel.

The Carolina Hurricanes announced Thursday that the Centennial Authority has officially approved and signed the lease extension for the Hurricanes to remain at PNC Arena through at least the 2043-44 season, which was first agreed to last summer.

This kicks off a $300 million project to upgrade the 25-year home of the Hurricanes and North Carolina State men’s basketball team, which will begin in 2025.

“We are excited to begin the transformation of the 80-acre campus surrounding the arena,” Hurricanes owner Tom Dundon said in a statement. “Extending our dynamic sports and entertainment offerings beyond the arena walls will provide fans with a world-class experience.

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“This long-term initiative will help spur sustained growth in our community and would not be possible without the collaborative efforts of the Centennial Authority, NC State, Wake County and the City of Raleigh.”

The first phase of the development includes more than 200,000 square meters of entertainment and retail space, 150,000 square meters of office space, a hotel and apartments, projected for completion in 2030.

Additionally, there are plans for a 4,300-seat ballroom operated by Live Nation to bring music and entertainment to a neighborhood with restaurants, markets, boardwalks, parking and tailgating areas.

“Many people have spent years working on this vision that we have now achieved, and I am deeply grateful for their professionalism and determination,” Philip Isley, president of the Centennial Authority, said in a statement. “Millions of fans will enjoy the product of this dedication for many years to come.”

The Associated Press contributed to this report.

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