Raleigh's convention center could soon roll out a new corporate identity, with a Richmond-based bank offering a steady stream of cash in exchange for naming rights to the downtown venue.
Atlantic Union Bank is the suitor, and under a proposal headed to the Raleigh City Council, the building would be reintroduced as the Atlantic Union Bank Convention Center. The deal would send more than half a million dollars a year to the city, if approved.
Deal Terms And Upcoming Hearing
Under the proposed agreement, Atlantic Union would lock in naming rights for an initial 15-year term, with the option for two additional five-year extensions. The annual naming fee would start at $525,000 and rise by 2% each year, according to the City of Raleigh.
The city's public notice says the hearing will begin at 1 p.m. on Tuesday, June 16 and lists the convention center's address as 500 South Salisbury Street in downtown Raleigh.
Who Would Get The New Name?
The bank behind the bid is Atlantic Union Bank, a Richmond-headquartered lender that has been expanding into North Carolina. As first reported by Axios, the proposed rebrand would put the Atlantic Union Bank Convention Center name on the building if the council signs off.
Atlantic Union's Local Growth
Atlantic Union has publicly tagged Raleigh as a key growth market as it pushes beyond Virginia. Its investor presentations and recent SEC filings outline plans to expand branches and deposit services in North Carolina, including activity in the Raleigh area, according to Atlantic Union Bank.
Why The City Is Selling Naming Rights Now
City officials have been tweaking Raleigh's naming-rights policy and looking for private sponsorships to help pay for venues and programming, a theme that has shown up in recent council agendas. Staff have already used similar naming and sponsorship deals at the amphitheater and performing arts complex to help fund downtown projects, according to Raleigh City Council.
Next Steps And Public Comment
The public hearing is scheduled for 1 p.m. on Tuesday, June 16. Residents can sign up to speak at the meeting, and the council could move to approve a written naming-rights contract after hearing testimony. The city's notice says that, if approved, the parties would enter a written agreement that sets the term, fee, and other responsibilities tied to the sponsorship, per the City of Raleigh.
Expect council debate to focus on the tradeoff between reliable, long-term revenue and the downtown brand, as local leaders decide how far they want to go with corporate naming on a major public venue. The hearing will give residents a formal shot to weigh in before anything is signed.
