The city of Urbana and Brinshore Development have agreed to pull the plug on an arts-centered residential development that was planned to go up on a city-owned parking lot just across Illinois Street from Lincoln Square Mall.

A new four-story development in downtown Urbana would combine the arts with living space. Plans for the $20 million “Urbana Arts” development were announced by the city of Urbana late Wednesday. The project is to be built on a city-owned parking lot (previously single-family homes) on East Illinois Street, just south of Lincoln Square Mall.