Maddison Square Garden to get a makeover

According to The New York Post, Madison Square Garden will be rebuilt on its current location, which will cost over $500 million dollars. The plan is to keep the exterior walls, as well as the ceiling (which will also get a makeover), while this summer they will tear out and rebuild the lower level of the arena. This will be done in time for the 2011-2012 Knicks and Rangers season. They will rebuild the upper half the next year.