In what seemed like an knee-jerk reaction to rising construction costs amid tough market conditions, developer Saeed Farkhondehpour announced last week that The Medallion was to discontinue development for at least 12 months.

“The contractor came up with some 20% cost increases and that was like, let’s just shut the damn thing down and forget about it,” stated Farkhondehpour in a report to the Downtown News.

Now, things in the Farkhondehpour camp may not be so dire after all.

According to economic proponent Brady Westwater, who runs the blog LA Cowboy, through further internal discussion (and possibly less emotion), progress has been made on cost increase estimates and retail leasing. “That’s the word on the street today,” writes Westwater. “[The project] is now supposedly going to resume construction.”

Expect many to keep a close eye on this one.

-medallion project canceled!

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