Phase one of the project (the Northeast quadrant from the west portal to the North tower) was awarded to the Daniel J. Keating Construction Company in mid March 2000 for a bid price of $17.86 million dollars ($6.5 million under the estimate)

Construction began in May and is currently in full swing.

The Northeast quadrant of the courtyard has been completely scaffolded & scaffolding is being erected up the tower to the clock level.
Masonry repointing and repairs are on going as the scaffold is erected and approximatly 60% of the Northeast courtyard has been completed already.
Lead paint is being stripped from the Cast Iron Cresting, some repairs to the Cast Iron are being made in place, and some Cast Iron has already been removed and sent to the factory to be refabricated.
Windows are being removed, stripped of lead paint, and referburshied. All new air conditioners will also be installed. Currently the 7th and 8th floors have been temporarely boarded up while the windows are being repaired.
A temporary roof (for the construction phase) has been completed in the Northeast quadrant & repairs to the rest of the roof are ongoing in anticipation of future contracts to continue working in a clockwise direction around the building. (Of course continuation of the project depends on the allocation of future funds) 
A complete washdown of the facade will take place after all the masonry repairs are completed.