In an effort to keep the Los Angeles Dodgers at the team's stadium for another 50 years, a promenade, restaurants and a museum will be added to the facility under a $500 million renovation project, team executives announced Thursday.

Other planned changes include an entrance beyond center field, a new plaza inside the stadium gates and a "Top of the Park" outdoor deck area. The five-year plan is meant to "modernize, enhance and improve" Dodger Stadium, a team executive said.

The multi-faceted stadium improvement plan is meant to bring modern amenities to Dodger fans while preserving the tradition of the venue, which first opened in 1962. The improvements are expected to be completed by Opening Day of the 2012 season.

"We're creating a new stadium without tearing down the old," Dodger owner Frank McCourt said. "That may take more effort and more resources, but we're talking about Dodger Stadium. This stadium sits in the heart of Los Angeles and in the hearts of Angelenos."