Here's a very thorough update on the Arecibo Obervatory from Science Magazine. This article gives a detailed history of the observatory, its upgrades, drawings of the layout of the equipment, and the story of its eventual collapse. Designs for a new telescope have been proposed, costing $400 million, but nothing has yet been approved. The article points out that the cost of the proposed new telescope is about the same as the cost of producing one Hollywood blockbuster movie, but doesn't mention the return on that investment that Hollywood would normally be expecting.