Centennial Authority rezones 80 acres around Lenovo Center for mixed-use development

RALEIGH, N.C. (WTVD) -- The Centennial Authority has signed off on a measure to rezone its 80-acre property. The move will immediately get the ball rolling on renovation plans for the old PNC Arena, now the Lenovo Center, and it also opens the door for more affordable housing.

John Grow is graduating from college in May and is unsure how he'll be able to afford living in the City of Oaks.

"Especially since I'm young, buying a house at the start could be challenging," he said.

The latest Wake County data shows there's an affordable-housing deficiency of more than 65,000 units

"Raleigh is just really a growing market, so it really drives up the prices," said Grow.

The venue is slated to evolve into more than just an entertainment district.

The newly named Lenovo Center will be home to a hotel, and 4,500-seat indoor concert venue will soon go up in west Raleigh.

"I think that would draw a lot of people," said Raleigh resident Heather Seal.

500 apartments are going to be built and 10% of those units will be set aside for affordable housing for residents making less than 80% of the area's median income.

"We think that's an important concept. We think that's great for the community. We want to make sure whatever happens, it all starts happening quickly," said Centennial Authority Chair Philip Isley.

The Carolina Hurricanes developers filed their development plan with the City of Raleigh on Monday. The approval process could take six to nine months.

There will be public hearings. A date hasn't been when the first one will be held.