http://www.nydailynews.com/news/2008/04/04/2008-04-04_msg_unveils_plans_for_500_million_toptob.html

MSG unveils plans for $500 million top-to-bottom renovation

Madison Square Garden unveiled plans for a $500 million top-to-bottom renovation Thursday, effectively killing hopes for a huge commercial West Side development linked to the arena's proposed move across the street.

"We will renovate, and we will not be moving," said Hank Ratner, vice chairman of Cablevision, which owns the arena. "We can establish anything we want by renovating."

Yesterday's announcement formalizes the Garden's threat last Friday to abandon a state-sponsored plan to make it the centerpiece of Moynihan Station. The proposed replacement for the aging Penn Station is to be built in the landmark Farley Post Office building across Eighth Ave.

The decision reflects Cablevision's apparent frustration with the state's inability to obtain sufficient funding for Moynihan Station, which is at least $1.2 billion short of its projected $3 billion cost.

It was unclear yesterday whether the state would revert to earlier plans for Moynihan Station that did not include the Garden.

The renovation of the arena, to be paid for entirely by Cablevision, is slated to begin next year, with completion in time for the 2011-2012 basketball season.

Construction will not disrupt basketball or hockey games, officials said. The renovation promises to improve sight lines.

Plans call for a new upper-level party deck plus more bars, restaurants and concession stands.

Luxury suites will be moved down to midlevel and floor locations. Seating capacity will remain at 20,000. The rest room area will be increased by about 15%.

The Empire State Development Corp., which is responsible for the Moynihan Station project, declined to comment on the effect of Cablevision's decision.

MSG needs more than a $500M renovation. Starting with a fumigation.

I'm glad the state refused to pay for a new building. Let Dolan pay for it.

Sounds like ticket prices are about to go up again.

I think its great that the decided to renovate. Yanks shoulda did the same.......the mets and the Jets are probably the only 2 franchises that needed some sort of change. The current MSG should be a historical landmark. Same as the house that ruth built.

Posted by islesfan:

MSG needs more than a $500M renovation. Starting with a fumigation.

I'm glad the state refused to pay for a new building. Let Dolan pay for it.

Let Allan Houston, starbury, Curry, Zach, James and a number of other losers pay for it. That's where the MSG renovation money went to.

Posted by EnySpree:

I think its great that the decided to renovate. Yanks shoulda did the same.......the mets and the Jets are probably the only 2 franchises that needed some sort of change. The current MSG should be a historical landmark. Same as the house that ruth built.

Agreed, hell I would've even kept Shea in place.