No, it's not finished. Construction had slowed down when I was there a few days ago. There have been some changes in the bar/restaurant that locals were complaining about -- it's now no-smoking, beer prices have been increased, etc.
Other changes: Cactus is now only open weekends, a new second floor is under construction; it's now more a club than a restaurant. Cafe Kela for the time being is open only with advance reservations. Patty's is very cheap and pretty good. Tony's restaurant is still good.
Hok'ol K'in and Hotel Maya are for sale, as is Tony's. I stayed at Corozal Bay Inn and Copa Banana, both very nice.