(The Center Square) – Development plans around the Lenovo Center in Raleigh, home of the NHL’s Hurricanes and N.C. State men’s basketball, would get $35 million from state taxpayers in a proposal approved by senators in the General Assembly.
The planned development is on 80 acres around the arena. Continuing Budget Operations Part II, known also as House Bill 358 with companion Senate Bill 51, is the funding vehicle within a mini-budget bill highlighted by relief for Tropical Storm Chantal.
In addition to the Hurricanes and Wolfpack, the Lenovo Center has become a regular rotation choice for the NCAA Tournament in men’s basketball. WWE Wrestling is also a frequent visitor, as are major recording acts booking through Live Nation.
The remainder of the calendar year, for example, includes Billie Eilish, Jonas Brothers, Bryan Adams, Trans-Siberian Orchestra and Tate McRae.
The building erected in 1999 is in the midst of a $300 million renovation. The 80 acres offers a potential $1 billion development with a new music venue, restaurants and shops, apartments and hotel rooms.
The Lenovo Center is on state property with large tracts of undeveloped state-owned land. City of Raleigh renderings for the proposal show a number of buildings where parking lots now surround the arena.
Pacific Elm Properties, owned by Hurricanes owner Tom Dundon, is in charge of the development. Dundon recently agreed to purchase the NBA’s Portland Trail Blazers and is the key financial backing for Raleigh’s quest to land a Major League Baseball expansion franchise.
Dundon’s career in financial services helped him amass what Forbes estimates to be a net worth of about $1.5 billion. Other estimates have him at or above $2 billion.
