Terracap is making noise that they won't be starting soon. That's what they are saying now. For all we know, they'll flip the land and a whole new proposal will come forward after that.
There are some problems with the layout and functionality of the podium, and there may be an effort to add commercial office space to that part of the building. That also might take some time.
Overall, it is an improvement to the earlier plan. The exception being (in my opinion) the sad stick-on treatment of the facade.