Fresh renderings: Charlotte Hornets' new practice facility breaks ground next year

The Charlotte Hornets will break ground on their new practice facility in early 2025, the team announced Monday. It's expected to open in time for the 2026-2027 NBA season.

Why it matters: The Charlotte Hornets Performance Center is part of a wave of change along Trade Street , including Spectrum Center upgrades and a new transit center. City leaders see this change as a catalyst for establishing a thriving district.

By the numbers: The city will provide $30 million to the project and Hornets Sports & Entertainment (HSE) will fund anything above that — roughly $70 million to $100 million, Axios previously reported .

• HSE will own the new practice facility.

The 160,000-square-foot Charlotte Hornets Performance Center will include:

• More than 100,000 square feet of training, practice and recovery space.
• 35,000 square feet of offices for the team's business operations.
• Up to 2,500 square feet of ground-level retail space and a public plaza on the corner of Caldwell Street and 5th Street.

Catch up quick: The team's current practice facility is located inside Spectrum Center.

• In 2022, the city and HSE negotiated a deal to keep the team in Charlotte through 2045. Charlotte City Council approved $275 million total for a standalone practice facility and arena renovations.
• There have been tweaks to the deal, such as the location of the practice facility, and how much of the $275 million would go to the practice facility versus the arena.
• Council voted 7-1 in March for the practice facility to be across from the arena in a current parking lot between Davidson, Trade, Caldwell and 5th streets.
• Council also approved redistributing $30 million of the original $60 million intended for the practice facility, which has been redirected toward arena renovations. The amount of city funding hasn't changed, rather how it's distributed between the two projects.

Zoom in: Expect the facility to have a title sponsor, a team spokesperson confirmed to Axios.

Zoom out: Populous is the designer, Gilbane Building Company and Charlotte-based R.J. Leeper have been selected for construction and CAA Icon serves as a consultant. City involvement is also key to the project.

What we're watching: It's been a busy season of change for the Hornets, starting with basketball legend Michael Jordan selling his majority stake in the team in June 2023 (he's still a minority owner).

• The Hornets have a new head coach , a new general manager and a new team president, plus their arena just completed the first round of major renovations.
• Team majority owners Rick Schnall and Gabe Plotkin said in a statement the practice facility is the next step in "building the premier franchise in NBA and operating world-class facilities."
• Now it's time to see if the product on the court will improve after these tweaks.

What's next: The Hornets open the regular season on the road at the Houston Rockets at 8pm on Oct. 23.

• They face the Miami Heat in their home opener on Oct. 26 at 7pm at Spectrum Center. Tickets start at $18.50.