Downtown Cary Streetscape has plenty of information on this project. According to that site the current phase involves:
- finalizing design plans
- doing preliminary water/sewer line updates
- completing right-of-way acquisitions.
The actual construction work is anticipated to start in 2009 (Autumn).
Beyond the streetscape improvements there are plans for a downtown park and town square, the conversion of the old Cary Elementary building to a community arts center, adding a parking garage etc. See http://www.townofcary.org/depts/prdept/parks/towncentercivicstudy/civicstudy-planofculturalartsdistrict.jpg (broken link). Also, Wake County intends to renovate or replace the downtown library (approved in the bond from last year).