The Charlotte City Council approved a $275 million funding package that will revitalize the home of the Charlotte Hornets and extend the team’s lease with the city through 2045.
The city will use $215 million of the city’s tourism funds and then generate an additional $60 million from naming rights for the subsequent planned sports and entertainment district which they hope encompasses the renovated area.
Among the upgrades coming to benefit the Hornets include structural upgrades to the building itself, along with improving the experience of entering the building with more points of entry.
The city and the Hornets will also build a new state-of-the-art practice facility adjacent to Spectrum Center, either at the existing Charlotte Transportation Center or in one of the parking lots next to the current arena.
A statement released by the Hornets thanked the mayor and City Council, saying, “We look forward to continuing to serve as stewards of Spectrum Center to make it the premier destination for sports and entertainment in the Carolinas.”
The Hornets’ lease originally was scheduled to end in 2030, but the agreement to renovate the arena extends the lease by 15 years to the year 2045. The Charlotte Observer reported that the work on the Spectrum Center and surrounding area will start this summer and take about four years to complete.