Build now/Wait and See/Sell?

Trying to rationalize the pros and cons, on a soon to be RTI project.  Same shit many developers are experiencing, hard costs have skyrocketed, lenders have pulled back, and an equity infusion is necessary to fully capitalize the development if it's to move forward.  

Outside of the choices of either commencing construction in 3-4 months (putting in more equity) or attempting to sell the land RTI (would result in equity taking a pretty meaningful loss, assuming a buyer was even interested), the LP in the deal has broached the topic of waiting.  There is a current commercial tenant paying rent, so I guess their idea is to sit on the land once RTI is achieved, allow the rent to cover the basic expenses, and wait to see if the fed starts slashing rates in 6-12 months, with materials and labor also decreasing?  Outside of the risk of entitlements expiring, or needing to be revisited after a certain amount of time, what would some of the other pros/cons be to simply "mothballing" the project until the capital markets/deflation of materials and labor become quantifiable?  Or is this simply wishful thinking from an LP who isn't considering the potential negatives to waiting around and doing nothing?