The $7.5M renovation is largely complete. The bulk of the work was improved drainage. Here is the relevant info from the Pebble beach folks:
"With the $7.5 million renovation comes additional yardage—now 6,932 yards from the Championship tees as opposed to 6,810; major improvements to the drainage system, leading to improved playability and a quicker turnaround in the wet weather; and the planting of more than 700 trees. Pebble Beach Company has also reestablished the sand dunes on holes 2-5 by replacing the ice plant with indigenous plants. "
"Up next for Spyglass Hill is to upgrade the water reclamation plant, which will provide an improved water source. This, along with plans for adding an additional 800 trees, will be online in the next 18 months."