It's a two phase project: the first being to submit planning applications for the retail parks and new housing at the Fratton Park site. The money raised from these will then be used for the second phase of the project - Pompey's new stadium and an all-purpose arena.
Further details of the plans can be found on the official Pompey website, but the main points to take note of is that club officials have discussed this revised proposal with the council and they are happy that it is feasible to go ahead in the current economic climate.
More announcements on the project are expected in due course, but like many other Pompey fans until I see evidence of the new stadium being built, it's difficult to forsee this happening as the next stumbling block is always seemingly just around the corner.