Dive Brief:

• The Quincy Center development project in downtown Quincy, Mass.,  has been put on hold while the developer reworks the first-phase plan to cut costs.
• Richard Heapes of Street-Works LLC said rising construction costs are making it impossible to pay the 7% to 8% return that investors expect.
• The overall project was valued at $1.6 billion, and its first phase, Merchants Row was budgeted at $130 million but was facing $170 million in costs now.

Dive Insight:

A 15-story high-rise had become a six-story mid-rise building already, but more savings are needed to make the development work. The overall project is a public-private partnership, but the initial construction is all on the private side of the ledger. The city said it expects to get new permit applications in the spring after plan charges are made over the winter.