When Does "The Marvels Project" #1 (2009) Take Place?
"The Marvels Project" #1 "Part One" is a historical fiction superhero comic-book written by Ed Brubaker that released August 12th, 2009. So when is "The Marvels Project" #1 set?
It takes place on the fictional Marvel Universe timeline in the year:
We know this because the main action of the issue begins with some time and place setting free-floating text reading "1939."

1939 AD
We know this because the main action of the issue begins with some time and place setting free-floating text reading "1939."
Additionally, the issue opens with another set of free-floating text reading "Prologue New York--1938." Though this doesn't seem to be confirmable by context, presumably it's 1938 AD during the prologue.
It is a chronologically midway comic in the Marvel Comics Universe multiverse timeline and can be read at its timeline point before the next issue, "The Marvels Project" #2 (2009), and after "Marvel Comics" #1 (1939).