RALEIGH, N.C. -- The Carolina Hurricanes have extended the lease at their arena in Raleigh for 20 years through the 2043-44 NHL season.

The extension announced Tuesday comes with major renovations to the building and development of the land around it into a dining and entertainment district with multifamily homes, a hotel and a separate music venue.

The agreement was made in conjunction with North Carolina State because the school plays its home men's basketball games in the arena and football across the parking lot. Setting aside 5 acres of the land for dedicated tailgate space is part of the deal.

"This development will transform PNC Arena into a year-round destination for residents, while also improving the event day experience for Hurricanes fans, N.C. State fans and concertgoers alike," Hurricanes owner Tom Dundon said. "North Carolina is the home of the Hurricanes, and I am proud to say that the Hurricanes will continue to call PNC Arena home."

Philip Isley, chair of the board for the Centennial Authority that owns the arena, called it "one of the biggest economic development projects in the history of the region."

The deal includes a $300 million investment from the City of Raleigh and Wake County, $200 million from the team within five years, $400 million within 10 years and $800 million within 20 years, along with 100% of private renovations to the arena the Hurricanes have called home since 1999.

"Our goal is to transform PNC Arena into one of the most comfortable, versatile and fan-friendly experiences in the country," president and general manager Don Waddell said. "This project will completely revitalize PNC Arena to make it a state-of-the-art facility at a fraction of the cost of a new arena."