In exchange, the Hornets are extending their lease with the city until 2045.
The Charlotte City Council approved a deal on Monday night that would provide renovations for Spectrum Center, build a new practice facility for the team, and extend the Charlotte Hornets lease with the city to 2045, according to the Charlotte Observer. From the article:
In the deal, $215 million would come from the city’s tourism funds and go to the Spectrum Center’s renovations. The remaining $60 million for the NBA team’s practice facility would come from whoever receives naming rights for the creation of a sports and entertainment district around the Spectrum Center.
The renovations for the Spectrum Center are all quality of life improvements rather than shiny new toys at the moment. They include improvements to entry ways, bathrooms, escalators, etc.
The new practice facility will be situated where the Charlotte Transportation Center currently sits, which is across the street from the arena. The CTC will be moved underground, with a temporary facility built in the meantime. The building will include the Hornets practice facility, parking, and other yet to be determined space.
The Hornets badly need a new practice facility. Currently the team’s practice facility is inside the Spectrum Center. There is only one full court, and the weight room is comically small. The new facility will have two full courts and expanded locker room and health care space. It’s location across the street is as convenient as it gets (other similar facilities are miles away from the teams’ arenas).
The new facility is expected to be a central piece of a new sports and entertainment district around Spectrum Center, which likely includes the struggling Epicentre less than a block away.
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