It has shopping, nightlife, and a 4,500-seat indoor concert venue.
The Canes told Eyewitness News that the goal is to bring more people for more than games and concerts.
"There are about 200 days a year when there's not really anyone out here," said Brian Fork, CEO of Hurricanes Holdings LLC. "This is prime real estate right in the middle of Raleigh, Wake County in the Triangle area. It's easy to get to. We want to use this as a community asset. For more people to go more often."
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The project will take 15 years before it's all complete.
The first phase of the development is a $200 million commitment and is expected to begin construction in December 2025.
"There are people who like to tailgate and kind of like to go to games, there are a lot of people who like to go out to eat and We're hoping there's more people that will come out because there are other activities to do here," said Fork.
The first phase will include an expanded plaza to complement the upcoming arena renovation and will feature a 600-foot promenade lined with tailgating suites, balconies and new open space for thousands of fans to gather
The entire entertainment complex will run at least $800 million.
The district will also include upgrades to the arena that will be paid for by the City of Raleigh and Wake County.