Two North Carolina venues are expected to receive millions of dollars earmarked for extensive renovation projects. According to Wake County and Raleigh officials, these investments are necessary for the PNC Arena and Raleigh Convention Center to remain competitive in the years to come.
The 24-year-old PNC Arena, home of the NHL’s Carolina Hurricanes, is expected to receive about $300 million in tourism tax revenue over the course of 25 years. Those funds will be allocated toward the development of an entertainment district next to the arena. The mixed-use facility will have 100,000 square feet of retail space, 150,000 square feet of offices, and 200 multifamily residential rental units. A total of $387 million in hospitality tax revenue is earmarked for an expansion of the Raleigh Convention Center. With this expansion, center officials say it could potentially double in size, and a hotel would be added to address a lodging shortage.