PNC Arena Operator Seeking $200-300M In Enhancements
The Centennial Authority, which manages PNC Arena, is "seeking enhancements" to the Raleigh venue estimated to cost between $200-300M, according to Dane Huffman of the TRIANGLE BUSINESS JOURNAL. The arena first opened in '99 and has "seen some upgrades along the way," including recently installed "fresh plexiglass, a digital ribbon around the interior, digital signage and updated locker rooms and workout areas" for the Hurricanes. However, the situation "reached a new sense of urgency" when Tom Dundon bought the Hurricanes in January '18. Dundon is "seeking to upgrade the fan experience and has made no secret of the fact that making money for the franchise has been a challenge." Dundon said that he "doesn't want to lose" more than $10M on the team in a given year, and he could lose $20M this season alone. Some of the enhancements the CA proposed include "new hospitality spaces on three levels on the south side of PNC Arena with a rooftop bar and restaurant as the centerpiece; new club and concession spaces throughout the arena; and office and meeting spaces." A 25-year, level-payment financing of the project at 4.5% would "require an annual debt service" in the range of $13.5-20.2M (BIZJOURNALS.com, 2/11).