KeyArena is undergoing a $4.6 million makeover that will make significant improvements to the 8-year-old building.

The improvements include a new LED signage ring, changes to the scoreboard, upgraded concession signs and minimal repairs such as fixing chairs and installing new carpet in the suites.

When the building, formerly known as the Seattle Center Coliseum, underwent a $74 million renovation in 1995, the city set aside funds for future refurbishments. Financing was accumulated through revenue generated by KeyArena, said Kym Allen, director of communications for Seattle Center.

Allen said the building's main occupants, the Sonics, the Storm and the Thunderbirds hockey team, attract nearly a million visitors each year, forcing the need for improvements.

There's no set timetable or budget for the project, said Valerie O'Neil, the Sonics' senior director of public relations.

The Sonics, who laid off six employees last week as part of a cost-cutting move after suffering a second straight season of losses, are looking for ways to increase revenue at KeyArena. The team's 15-year lease expires in 2010, and officials from the city and the team declined to comment on a renewal agreement.