WORCESTER, Mass. - Renovations of the building at 340 Main Street in Worcester are on hold after the site's developer told the city they may have to sell the property.

The SilverBrick Group planned to renovate the building into more than 300 apartments, but they may now have to sell it due to the rising cost of construction. The company's Chief Development Officer Peter Dunn told the city council last week that they stopped the project in May before work began and have not determined if it will move forward or sell the site.

SilverBrick is also facing issues in Chicopee where it was converting the former Cabotville Mill into 600 apartments and commercial space, but abandoned the project due to rising construction costs.

The city forced all business tenants to leave the building under an emergency court order and declined to renew SilverBrick's special permit for the project. The city is returning to court to have Silverbrick pay for the security it's been providing at the now condemned building.