Opening older projects with Android Studio 0.2.0

After updating Android Studio I started getting this error when launching Android Studio

 Failed to import Gradle project: Could not fetch model of type 'IdeaProject' using Gradle distribution 'http://services.gradle.org/distributions/gradle-1.6-bin.zip'.
A problem occurred configuring project ':<project name>'.
A problem occurred configuring project ':<project name>'.
Could not resolve all dependencies for configuration ':<project name>:classpath'.
Could not find com.android.tools.build:gradle:0.5.

Turns out the Android Gradle plugin for version 0.2.0 is not backwards compatible and this issue can be fixed by modifying your build.gradle file. More information can be found here

Here are the changes I made to be able to successfully build the project

dependencies {
    classpath 'com.android.tools.build:gradle:0.5'
}

dependencies {
    classpath 'com.android.tools.build:gradle:0.5.+'
}