Florida Panthers, Broward County Strike Deal to Stay in Sunrise

The Florida Panthers and the Broward County Board of Commissioners agreed Tuesday on a lease extension for Amerant Bank Arena which could keep the NHL team in Sunrise through 2043.

The current lease expires on June 30, 2028.

The Panthers will extend their lease at the Sunrise arena for five years until 2033 — with two five-year extensions of which “Broward County has unilateral option to retain Panthers for an additional 10-year period for a total of up to 19 years, at sole discretion of the County.’’

“We want to make sure everyone knows that the Florida Panthers are in Broward County long term,” team president and CEO Matt Caldwell told Florida Hockey Now on Tuesday.

There had been rumors about the team being interested in building a new arena near downtown Fort Lauderdale, but this new agreement appears to put those thoughts to rest at least for now.

While this current five-year extension keeps the Panthers in Sunrise until 2033, the two five-year extensions basically say the team will remain in Broward County.

That could be in Sunrise, or somewhere else.

But, potential new development around the arena — which would be facilitated by the Panthers — would likely keep the team playing right where it is.

With the new agreement, which needs formal commission approval once finalized, Florida owner Vinnie Viola will pay the county $51 million to clear remaining debt stemming from the arena’s construction in the late 1990s.

“We are thrilled to extend what has been an incomparable long-term partnership with Broward County. The county and our team share a deep commitment to investing in a bright future for our community,” Viola said in a statement.

“Our strong partnerships- first and foremost with Broward County, as well as with the cities of Sunrise, Coral Springs and Fort Lauderdale- exemplify the way in which successful public-private partnerships can foster economic growth and cultural vibrancy.”

The Panthers began play at the Sunrise arena, originally named the National Car Rental Center, in 1998.

“The building will be completely debt-free,’’ Caldwell said.

In return for paying off the debt, the Panthers will basically get development rights to the land surrounding the arena back.

In 2015, when the team reworked its lease agreement with the county and began receiving tourism tax dollars, it had surrendered land development rights to Broward County.

Per the new agreement, the Panthers will have four years of exclusive rights to propose development on the massive parking lots which surround the arena.

The Panthers would like to turn some of those parking lots into a mixed-development project which may include housing, retail, offices, a hotel, bars and restaurants.

A number of professional sports teams, most famously the Atlanta Braves and their ‘Battery,’ have created small cities around their arenas and ballparks to not only create revenue but to enhance the fan experience not only when games are being played but when the venues are dark.

If the Panthers do not come up with a development plan, which would need Broward County approval, the development rights revert back to the county.

But if the Panthers and the county agree on a new development plan for the land around the arena, the team would almost certainly remain in Sunrise through 2043 and beyond.

Basically, the team would not invest in building up development around an arena that it would not be playing in.

The arena sits on about 120 acres of land just east of the Sawgrass Expressway and across from the Sawgrass Mills Mall.

About 90 acres of that are surface parking lots which could be developed.

“If a development plan is reached over the next four years, conceivably there would be a longer-term commitment to Sunrise,’’ Caldwell said. “This does not completely close the door for anywhere else in Broward County, but this is a major step to being in Sunrise longterm.’’

The southern parking lots of the Amerant Arena looking north toward the arena. // @GeorgeRichards

This new five-year extension on the current lease basically gives the team time to work on bigger projects around the arena — and if things work out, the team would stay right where it is.

“Right now, we did not want to be running up against the lease expiring while we explore major development,” Caldwell said. “We do not have a plan right now, but we have time to dig into it. This is the next big project.’’

Regardless, the Panthers have committed to playing somewhere in Broward County for the foreseeable future.

With the new lease agreement, Broward County will pay the Panthers $25 million out of the tourism tax deal which was agreed upon in 2015.

The team will have to spend $10 million per year on arena improvements.

The Panthers and Broward County will also continue their marketing agreement for the next four years.

Last season, the Panthers wore ‘Visit Lauderdale’ decals on their helmets and that deal would continue for the next four seasons.

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UP NEXT FOR THE FLORIDA PANTHERS

• NHL Free Agency: Opened July 1
• Florida Panthers Training Camp, Fort Lauderdale: Starts Thursday
• Florida Panthers Preseason: Sept. 22-Oct. 5
• Florida Panthers Opening Night/Banner Unveiling: Oct. 8 vs. Bruins (ESPN)