here's the deal.
they are not tearing down the building, they are remodeling the current annex which houses the library, faculty/admin offices, small classrooms etc.
the main lecture halls immediately outside the annex will continue to be used during the construction.
about two blocks away (just north of helen on maple), they have put up a temporary building that will house additional classrooms, offices, study rooms etc. The library collection will be split among a few various building near the school. They are also converting some other buildings right near the temporary building into other stuff for students use-they say we will have a coffee shop, private bookstore and other student study space.
It doesn't sound terrible, but we will see. Everything will be right near the old building and is still in the mix of things so I wouldn't let the rennovations discourage any plans to attend UA. If anything, I imagine that as soon as the work is done, the school will move up in the rankings.
and yes, the updates are MUCH needed. everything you read about the current building is true- I think before I came I read (in a princeton review guide) that the building resembeled an old bomb shelter built in the sixties.