The construction project will be finished in approximately one year.
If 'from now' is removed from the sentence given in the question, there will be no change in the meaning of the sentence. But if other words like downtown, construction project, etc are removed, then the sentence will become incomplete and there would be no clarity in the sentence. For example if we remove downtown, then the sentence would not give information about which project are we talking about. So such important words that change the meaning of the sentence or leave us with no clarity, should not be removed from the sentence.
