Martin Marietta identify rights to Raleigh performing arts middle

The Duke Power Middle for the Performing Arts in downtown Raleigh will quickly have a brand new identify.

Martin Marietta can pay greater than $500,000 a 12 months for a minimum of the subsequent 20 years to rename the venue the Martin Marietta Middle for the Performing Arts.

“You could be asking yourselves why we’re all for doing this now,” CEO Ward Nye mentioned to the Metropolis Council Tuesday night time.

“And, in brief, it’s a narrative of development and a way of obligation to our group,” Nye mentioned. “We’ll be celebrating our thirtieth 12 months as a public firm. And now’s the appropriate time for us to broaden partnerships with our Raleigh group, and extra meaningfully reveal our constancy to it.”

The 20-year lease contains two elective five-year extensions and requires the development provider to pay town $518,000 a 12 months with a 3% annual enhance.

The vote handed unanimously Tuesday night time.

The contract with Duke Power was ending and the corporate didn’t attempt to hold the naming rights, in line with town.

The Performing Arts Middle consists of Raleigh Memorial Auditorium, Meymandi Live performance Corridor, A.J. Fletcher Opera Theater, Kennedy Theatre and Lichtin Plaza positioned at 2 E. South St. in downtown Raleigh.

The venue is dwelling to common productions by the North Carolina Theatre, Carolina Ballet, the N.C. Symphony, PineCone and North Carolina Opera in addition to touring theatrical productions, concert events and comedy exhibits.

“We don’t have loads of company headquarters right here,” Mayor Mary-Ann Baldwin mentioned. “So after we see considered one of our headquarters get up and take a management function it’s nice to see. So, thanks very a lot.”

This story was initially revealed November 1, 2022 10:57 PM.