Keep in mind, this whole area is owned by the state government because its been the North Carolina State Fairgrounds for well over 150 years, hosting the annual NC State Fair since 1853 (with there only being gaps for the Civil War, Great Depression, World War II and COVID). Its not that there isn't a desire to build up the land around it, its literally been impossible to get any kind of signoff to do so because any plans would need to pass through the state legislature, and that's just not going to happen.
This is different because the arena itself is owned by Hurricanes Holdings LLC, which itself is owned by Tom Dundon and the Canes. So they were able to use that leverage to work around and with the state to get this to pass. I don't think much space around the arena, at least toward the Fairgrounds, will be built up anytime soon, but I could see a development around Cardinal Gibbons across Edwards Mill