Raleigh Mulls Multimillion-Dollar Naming Deal For Convention Center
The city of Raleigh is weighing a more than $9M proposal to name its convention center, as a significant expansion to the venue is slated to begin later this year.
Virginia-based Atlantic Union Bank is bidding for a 15-year deal to dub the center the Atlantic Union Bank Convention Center, the Triangle Business Journal reported.
Under the proposal, the bank would pay the city an annual fee starting at $525K for the name, with a 2% increase each year of the 15-year term, according to TBJ. The proposal includes options for two five-year extensions.
The Raleigh City Council is scheduled to hold a public hearing on the naming deal proposal during its regular meeting June 16.
The expansion of Raleigh’s 500K SF convention center is a highly anticipated project for the metro, with construction scheduled to begin at the end of 2026. The city plans to add 300K SF to the facility, including a three-story building on the former site of the Red Hat Amphitheater.
The project is part of a larger transformation of the city’s downtown area. In addition to a new amphitheater, which is under construction, Omni Hotels & Resorts is erecting a $360M, 600-room hotel directly across the street from the center, and the revamped Lichtin Plaza opened in April.
The city said the convention center expansion, which is expected to deliver in 2029, and the construction of the new amphitheater will cost a total of nearly $400M, according to TBJ. Last month, the Raleigh Convention Center released renderings of the plans for its new interiors.
The potential naming deal comes as Atlantic Union Bank builds out new branches across Raleigh and Wake County in general. One branch is slated to open in Morrisville this summer, and two others at some point this year — one on Creedmoor Road and one on Capitol Boulevard — TBJ reported. At least three more locations will open in 2027. Atlantic Union currently boasts 11 locations across North Carolina, according to Spectrum News.
