For Charlotte's teams to stay competitive and continue driving economic growth, investment is key.

That means not just making money but spending it.

The Panthers are preparing for millions of dollars in stadium renovations, and the Hornets have completed updates at the Spectrum Center.

"Carolina Impact's" Jason Terzis joins me now with a look at how these major upgrades are shaping the future of sports and the city.

- The original Charlotte Hornets moved out of town after then owner George Shinn couldn't secure public funding for a new arena.

After the team went off to New Orleans in 2002, a new uptown arena was built a few years later and the city soon welcomed the Bobcats, who years later changed their name back to the Hornets.

It's a little confusing, but the Hornets are back.

But that new arena is now 20 years old.

A little too soon for a new one, but not too soon for a facelift.

(air whooshes) (exciting music) - [Participant] Three, two, one.

(crowd whooping) (exciting music continues) - [Jason] A ribbon cutting ceremony, marking not the opening of a new building, but the next generation of an existing one.

The completion of the Reimagined Spectrum Center Arena Renovation Project.

- None of this would be possible without the support of the City of Charlotte leadership, Mayor Lyles.

- This transformation wouldn't have been possible without the strong collaboration that we have in this community.

(grinder buzzing) - [Jason] Opened in 2005 at a cost of $265 million, the Arena has hosted political conventions, hockey games, bull riders, tons of concerts, and of course, the Charlotte Hornets.

- [Announcer] Leads, oh!

(crowd cheering) - And we celebrate 20 years of unforgettable moments in the heart of uptown.

Nearly 2,500 events, more than 24 million guests, and we're just getting started.

- [Jason] At 20 years old, Spectrum Center has already outlived its predecessor, the Charlotte Coliseum, which lasted just 17 years before being imploded.

(explosions popping) So after 20 years, it was time for Spectrum to get a little TLC.

(exciting music continues) - When we felt like we had a great building here, we were just trying to elevate it to the next level and transform it.

- [Jason] At a cost of 245 million, just 20 million less than the original building cost, the Hornets teamed with the city, visitors authority and local architects and construction companies, implementing a multitude of upgrades and renovations, doing so in two phases over the last two Hornets off seasons.

- A success of a job always starts before the job starts.

So all the pre-planning that you do, months and way months in advance before we actually go out and execute the work.

All of our teams are getting together to really execute the project on paper.

- Before that, months ahead of time, we are planning, we're engaging our subcontractors for bidding out the work and really laying out the success path during construction.

- [Jason] And we're talking about some major work being done here, for ripping out stairs and escalators all the way down to the dirt foundation, to removal and replacement of every single seat in the arena, along with 1400 additional new ones being put in the lower bowl.

- We looked at the amount of work that we had to do and the amount of time we had to do it, and knew that when we planned it out of those months before that, we would have to work around the clock.

(mellow music) - [Jason] As soon as fans set foot into the arena, they'll immediately start to notice the changes.

- And even the entrance that we're standing in now with the ribbon board, these columns with the lit-up lights, it's like this is the first impression as people are coming into the space now.

- [Jason] The most visible upgrades are on the main concourse.

It's brighter, wider, with more restrooms and enhanced food and beverage options, self-serve grab-and-go stations, and 360 degree bars.

And with the arena being cashless, there's less time spent in line.

- The two new 360 bars, it's access for everyone.

It's trying to provide that higher-end experience for everyone, even in the general admission seats.

- I think like 40% of our stuff is now frictionless, which I think is really important.

But we still will have what we call belly-up where a person can go to certain locations.

So I think it's the right mix, right?

But ultimately, we wanna create that experience where a person can get their stuff as quickly as possible their food and beverage, whether it be merchandise or whatever, and get to see the event that they're coming here to see.

- [Jason] The suites have also all been revamped as well as the Inner Circle and Courtside Clubs down below.

And it's also down to the details, like the new Charlotte basketball-themed artwork.

- You plan in drawings and what you think things are gonna be, but to see it right now, it's extremely, it's rewarding, it's incredible.

- [Jason] The goal of the reimagined Spectrum Center project, create the ultimate event, game day or concert fan experience.

Fans are certainly taking notice.

- It looks like a brand-new arena.

So when you're walking in, it just feels like a whole new experience.

You know, the venues are a lot better, the food options are a lot better.

It's a lot brighter.

Everything's crisp and clean.

It's maintained.

It looks really, really nice.

- For us, I think it has changed our experience a little bit because we're able to get to the food station's a lot easier.

We're able to navigate a lot easier.

So for us it's been a nicer experience.

Not that it wasn't before, but it is like the openness in the area is really nice when we come in.

- Definitely food choices, I feel like there's a lot more variety than there used to be.

I think it's a little quicker.

- We love all the new changes here, all the new eating places and, you know, restaurants and it feels more interactive.

- The one thing I love about it is we're able to talk to other Hornets fans easier and be able to stand and talk at the table.

I love the stand and talking session, so, and it helped build the fandom.

So when you're talking to other Hornets fans, it's almost like you're doing an album.

So we actually come earlier now just to be part of the Hornets family, to talk to other fans.

- [Jason] In a day and age where some professional sports teams and cities are looking to replace 20 to 30-year-old arenas and stadiums, the reimagined Spectrum Center is getting a new lease on life.

And those involved couldn't be happier.

- When you're in it, you're just trying to get to the final end, right?

But even just the walk we did today, it was just, oh, not bad.

Yeah, okay, this looks good.

It's all coming together.

And just to see it all live is just so impactful.

- You know, these projects don't come around often.

These are, I like call 'em once-in-a-lifetime projects and in many cases, you know, with the 20th anniversary of this, they don't build and renovate arenas every day of the week.

So to be able to be a part of a project like this that's a community asset like Spectrum Center, it's amazing to do that.

And to see it come to a close like this successfully, it's one of the most amazing things that you can actually experience.

- Because today isn't just about opening a building, it's imagining what we can have in the future.

It's about continuing to be a city that welcomes fans, artists, athletes, and dreamers from across the Carolinas and beyond.

We're building something here, a future where sports, entertainment, and community are so tightly woven into the fabric of what we are doing.

So thank you everyone who made this moment possible.

And here's to the next 20 years.

- [Jason] With two decades now in the books, the Spectrum Center certainly appears ready to entertain fans for the next 20 years.

- Jason, as I understand, the arena isn't the only project.

There's something else going on.

- Yeah, something else.

The Arena Project is now done and the season's underway, but the Hornets are not done with what they're building.

Well, just across the street adjacent to the Spectrum Center will be the Hornet's new practice facility, the Novant Health Performance Center.

It will feature more than 160,000 square feet of space for team training, performance, administrative offices, sports medicine, retail.

They broke ground on it in March of last year.

Facilities expected to open sometime during next season.

So we're really kind of entering this whole next wave, the Panther Stadium getting renovations.

The arenas renovations are done, they're getting a new practice facility.

We're kind of entering this next generation of sports here in Charlotte.

- So many exciting things going on.

Thanks so much for sharing, Jason.