It looks like Apple is holding an event at the Yerba Buena Center for the Arts at 10:00 am in San Fransisco. Apple has used this location to announce several other products in the past.
No other details have been released about the iPad 2 from Apple. It is said that the 2nd iPad may have a front-facing camera with facetime support and a thinner design than the 1st generation iPad.
More details will arise on March 2nd so stay tuned. [MacRumors]