RALEIGH, N.C. (WNCN) – A joint effort to bring a $2 billion sports and entertainment venue to Raleigh was officially announced Tuesday.
The North Carolina Football Club and Kane Realty Corporation are the driving forces behind the project that could boost tourism, create jobs and build up a long underused part of Raleigh.
John Kane, CEO of Kane Realty, and Steve Malik of NCFC, said the new entertainment district would be named Downtown South.
“This project holds tremendous promise for the City of Raleigh,” said Kane. “It’s unlike anything I’ve worked on in my career. To be part of something that would enhance the lifestyle and overall appeal of our city while strengthening the local economy in such a meaningful way is powerful.”
The project would sit on 55 acres at the intersection of South Saunders Street and Interstate-40.
A 20,000-seat open-air stadium would be built among street-level retail, office space, and housing.
The stadium would serve as home of the North Carolina Football Club.
The stadium could also host concerts, festivals, graduations, trade shows, and championship-level sporting events.
“This is an exciting opportunity for our organization,” said North Carolina Football Club Chairman Steve Malik. “Our vision is to make the Downtown Raleigh Entertainment District a world-class destination, offering an exceptional social experience for fans and the community. The benefits of this project are significant. Between the job creation, economic activity, and enhancement to our vibrant downtown cityscape, we are confident the community will embrace it as the city continues to grow and offer more to its residents.”
Kane and Malik said the development could bring $3.8 billion in economic activity over the next 15 years.
Approximately 5,900 jobs would be created in Wake County along with $20 million in annual city and county property tax revenue, and $3.7 million in new annual Interlocal Funds contributions.
“The benefits go far beyond the proposal we’re announcing today,” said Billie Redmond, founder of Trademark Properties. “This development is certain to spark other developers and investors to follow our lead, providing opportunities to revitalize and repurpose even more underused property in this area.”
The district would be privately funded but the forces behind the project want $13 million per year from Wake County’s hotel/motel taxes.
Construction on the project could begin in early 2020 with the first phase of the development, including the stadium, projected to be completed by 2023.
Click here for more information on the project.
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