Well, March 2008 is still a ways off, and the developer does have quite a bit of time after that (120 days I think) to complete your unit.
Not knowing the details of the OMB outcome, there might be a chance that Cresford is busily altering the development - hence their silence and tardiness.
The one upshot of a slightly smaller building is fewer parking spaces, and this is one really expensive portion of the building to construct. Should the building be redesigned, and the plan successfully submitted to the city, you may very well receive an offer for the extension of your purchase agreement.
That situation may be an opportunity to milk it for every upgrade you can get your hands on.
Please take what I say with a grain of salt. There is nothing to say Cresford will offer this. But while they may have withdrawn from this project, they probably will not give up on developing something at that location.