Update: just did a little digging into public records and it looks like the developer has indeed run out of money. I've found records of the contractor that did the steelwork on the building suing the developer for about $80k of unpaid bills, the City filing taking against the property for unpaid property taxes, and the lender moving to foreclose on the property.
The developer has filed for bankruptcy multiple times (I think both as a company and as an individual) and the court found last month that these multiple bankruptcy petitions are "...part of a scheme to delay, hinder, and defraud creditors.."
View attachment 64453
It looks like the the court has ruled each time that the suits against the developer can still go on despite their bankruptcy filings.
So yeah... I don't see progress on this project coming any time soon.