Midtown Development rendering

A rendering of “Midtown Development,” a five-story commercial and residential building that would replace the parking lot on 12th and Laramie streets.

The developer for the new Midtown Aggieville building says the project is on hold after an investor pulled funding.

The $53.9-million, five-story commercial building, under construction at 12th and Laramie streets, was approved by the Manhattan City Commission in November. But TJ Vilkanskas of Back 9 Development said Friday that a portion of the funding has fallen through.