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A fragment of an invitation:
Abi 90: Wisst ihr noch? Da haben wir Abitur gemacht. Wir haben damals gesagt: "2000 machen wir ein Klassentreffen."
Jetz ist es so weit: Zehn Jahre sind vorbei. Viele Mitschüler wohnen nicht mehr [...]
Does it mean that das Abitur "has been so long ago" (this is what the dictionary at the end of the handbook says) or that "the time has come"?
Jetzt ist es so weit is used for declaring that something is about to happen that was predicted.
In your case the reunion was predicted to be in 10 years. So now, after 10 years, finally the time has come the meet again.
So yeah, the best translation would be 'the time has come'.
It's a common phrase, in this context:
The time has come, ten years have passed. Many classmates don't reside anymore [...]
