Two things:
1) The basketball arena will be renovated
not expanded. The arena currently holds 4-5k people and according to the releases in goSeawolves.org it will hold a capacity for 4,000 spectators.
2) also, the current design of the future renovations will make the arena one of the best, if not the best, in the conference in terms of basketball-specific arena taking in consideration that Agganis Arena (Boston) is used primarily for Hockey. The pictures are here:
http://www.goseawolves.org/view.gal?id=49686This $$$ needs to be released urgently if Stony Brook wants to move up to a better conference. We need it
I heard rumors that this is currently being addressed with possibility of playing in the Arena as early as 2012-13 season. Again, those are only rumors. We have to wait and I hope InsideMan can answer some of those questions!