Hurricanes on PNC Arena lease negotiations: ‘The economics of the deal have to change in our favor’

[garnetpalmetto]

Hurricanes Owners Want To Party Like It Is 2024 - Sports Talk Florida - N

the organization is saying that renovating pnc arena is a must or a new arena is good too...

here is what don waddell states:

The N&O article on it is a little less editorialized:

“We’ll move forward. The building is always going to be here,” authority chairman Tom McCormick said Friday. “But ultimately what we’re going to be looking for in the near future is an allocation of money which we might be able to get. How much of that we ultimately get will probably depend somewhat on what the guaranteed future of the Hurricanes here is.”

The Canes’ arena lease expires in 2024. McCormick said the authority has “just begun talking” to the Hurricanes on a new lease and have hired a consultant.

Recent arena enhancements, requested by Hurricanes owner Tom Dundon, included the installation of a 3D projection system and theatrical lighting. Plans call for a new scoreboard to be installed before next season

If approved, the arena construction would begin in 2020, starting with new office space for the Hurricanes and Gale Force staff and additional meeting spaces.

The south end entrance facing Carter-Finley Stadium could potentially be opened up to provide a view into the bowl area, or as Browne said, for fans to immediately feel the arena “experience.”

The PNC Arena enhancement and renovations have been in the planning stage since 2015 and the projected cost then was pegged at about $115 million to $120 million

“There are a few things in this plan that weren’t in that plan then,” McCormick said.

Removing stairwells, removing aisles, adding wider seats, perhaps building lounges on the mezzanine levels below the main concourse level -- there are a number of wide-ranging proposals in the project, not that all will eventually be approved or built.

So essentially it boils down to GFSE wanting upgrades to PNC and the Centennial Authority wanting a guarantee (in the form of a lease extension) that the team stays put to enjoy those facilities. As mentioned, some upgrades have already been done in the form of the on-ice projection system and theatrical lighting. The bones of the facility are good, but its age definitely shows in places. It's about at the point in its life where a major renovation is needed - the Authority has done a good job of doing little incremental upgrades over the years (the current scoreboard, LED ribbon boards added to the ledges between the upper/mid/lower bowls, replacing incandescent lighting with LED lighting, wifi, etc.) but 's definitely time to do some work to the barn.

 

[aqib]

Just curious. The initial lease ran through this season and they extended it 5 years through 2024. Does anyone remember why they did that and what they got in exchange?

 

[Fantomas]

Nationalize the Hurricanes.