Raleigh considers multi-million-dollar naming rights deal for convention center

RALEIGH, N.C. (WNCN) — The Raleigh Convention Center could get a new name.

The city is weighing the possibility of entering into a naming-rights deal for the convention center with a Virginia-based bank.

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The deal is not yet final. Before the city can move forward with a naming rights agreement, it must hold a public hearing.

City staff is proposing a naming rights agreement with Atlantic Union Bank. If approved, the Raleigh Convention Center would be renamed the Atlantic Union Bank Convention Center.

Under the proposed deal, Atlantic Union Bank would secure naming rights to the convention center for 15 years, with options to extend the deal for two additional five-year terms. The bank would pay the city $525,000 in the first year, with annual payments increasing by 2%.

According to the city, if the Raleigh City Council approves the contract, the parties will enter into a written agreement following the public hearing that sets forth the term length and naming rights fee, along with other associated rights and responsibilities of the parties.

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This discussion comes as the Raleigh Convention Center prepares for an expansion project. That project would add nearly 300,000 square feet of space and extend the convention center to the current home of the Red Hat Amphitheater.

Construction for the expansion project is slated to begin at the end of this year and is expected to be completed sometime in 2029.

The public hearing for the naming rights opportunity is scheduled for June 16 at 1 p.m. Those who want to provide their feedback on the potential deal must sign up in advance.

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Click here to register for the public hearing.