Expert Analysis said:
They marketed the land and quickly sold it as high density student housing. Until we have final plans then that is the likely use of the land.
They could build it without parking. The parking garage is near by and tons of foreign students don't even have cars.
They're not going to build without parking or some sort of waiver agreement. And foreign students without cars are definitely not the target audience.
Unless they want to assemble more land or reconfigure the entire block, I'm guessing the reason for the delay in news that the land will either be developed as something low-rise after all or flipped entirely.
I can see two possible and realistic scenarios:
1) Developer is waiting to assemble more land, possibly taking out The Backyard (despite the building being close to a century old) though it would push back any development for some time
2) Developer hit a road block in regards to parking and logistics, so will be developed as something low-rise after all or waiting to be flipped.