It was a Scott Rudin project, and not one that had even started to take tangible shape. So no, for now it’s safe to assume that it’s not happening.
Like I said in some other threads about Our Town - it’s POSSIBLE that Rudin will pass the project along to one of his partners, or that another producer will buy it off him. But that scenario would require some unknown entity to make an active choice to take on that burden, to basically build the production from scratch. Sure, it could happen, but that kind of speculation is totally theoretical. If it happens, great, but it’s not the sort of thing that’s worth keeping on our collective radar, until we get any news to the contrary.