Cypress Equities, based in Dallas, is scheduled to meet with Edmonds School District officials in July to talk about a revised plan for the development, said a district spokeswoman.
Just months after the economy took a nosedive last year, Cypress was staying the course with its plan to develop the property, expected to bring in $140 million to the district.
But because of the economy, the developer will sit down with district officials next month to talk about the site on 184th Street SW.
A phone call to Cypress was not returned Thursday afternoon.
District officials said the site will be ready for the developer in July.
Under the agreement outlined between Cypress and the district, the developer will then work with Lynnwood for project approval, a district spokeswoman said.