Product formula related to quantum Zeno dynamics

We prove a product formula which involves the unitary group generated by a semibounded self-adjoint operator and an orthogonal projection $P$ on a separable Hilbert space $\HH$, with the convergence in $L^2_\mathrm{loc}(\mathbb{R};\HH)$. It gives a partial answer to the question about existence of the limit which describes quantum Zeno dynamics in the subspace \hbox{$\mathrm{Ran} P$}. The convergence in $\HH$ is demonstrated in the case of a finite-dimensional $P$. The main result is illustrated in the example where the projection corresponds to a domain in $\mathbb{R}^d$ and the unitary group is the free Schr\"odinger evolution.