It's going to take years of legal fights, lawsuits, etc. A big part of this neighborhood is zoned for recreational purposes (large horse properties, rink, park), so an environmental impact study needs to be done. And that will show that re-zoning for a huge residential complex with hundreds of new residents crammed in a small area will destroy the character of the neighborhood.
The residents can't just sit and do nothing, watching the value of their homes plummet and their lifestyle changed.
So, yes, it will take years.
But I wonder whether the Kings would be interested to invest in reviving this rink. To me, it would make sense. Keep the name alive (the Bears is a very old club), and use them to promote the Kings brand.