Michigan Opera Theatre is scrapping its effort, at least for the time being, to develop property it owns in downtown Detroit.

The nonprofit had envisioned a high-rise of up to 480 feet over 34 stories for the 0.8-acre surface parking lot next to the Detroit Opera House and the seven-story Detroit Opera House Parking Center at the corner of Broadway and John R streets.

It's the most recent in a string of scaled back or scrapped developments in Detroit as increasing construction costs have made many projects financially unviable. Just yesterday, Bedrock LLC CEO Matt Cullen revealed that Dan Gilbert's planned tower on the site of the former J.L. Hudson's department store building would not be the tallest building in the state, as it had been planned for nearly three years.

"We received several proposals from qualified developers but have decided not to proceed at this time, in part, due to market conditions," said Erica Hobbs, communications manager for Michigan Opera Theatre, in an email.

Michigan Opera Theatre's April request for proposals said it wants to increase revenue through a ground lease of the property and increase the revenue brought in by its 700-space parking deck built in 2005.

"The proposals we received did not significantly improve our revenue over what we already earn from the surface lot and the parking center," Hobbs said in the email Thursday afternoon.

"Ultimately, we are looking for a development that maximizes our economic growth and our ability to expand artistic and community offerings. We have placed the project on hold for now and may re-visit. In the meantime we have a number of immediate needs inside the Opera House to improve accessibility and create a better, more comfortable environment for our patrons and guests."

Crain's has asked for more specifics on timing of the decision and what developers submitted proposals for the project, conceptual plans for which included office, hotel, residential and restaurant space.

A partnership between Franklin Consulting Co. LLC in Birmingham and Whitehall Real Estate Interests in Novi operating as Franklin Whitehall Advisors was serving as real estate adviser on the project. An email was sent to a Franklin representative seeking comment.

Detroit-based architecture firm Albert Kahn Associates did work on the RFP. CEO Alan Cobb declined comment Thursday.