Current home of that remarkable plywood structure...
As for the construction, there hasn't been a whole lot of activity here in recent months. (Perhaps the building changing hands had something to do with this slowdown...?) Workers gutted and plywooded the space back in September. Work picked up again in December. Bobby Williams took a look inside the space last week...
Meanwhile, a reader the other day pointed out that this location was still on the market for an owner, per the 7-Eleven Franchising site. According to the site, the estimated opening date is May 2013.

Related:
The organizers behind the East Village No 7-Eleven movement were guests Tuesday night on "Let’s Get Real With Chef Erica Wides" on the Heritage Radio Network. You can listen to the archived program here. The show is #56 and titled "7-Eleven Is To The East Village What Pringles Are To Potatoes."