It is a bit unusual that they announced the project before getting FAA approval, especially with a structure this massive, but just because they got an initial "Notice of Presumed Hazard" letter from the FAA doesn't mean the project is dead in the water.
For starters, pretty much any structure over 500 feet will automatically generate an initial "Notice of Presumed Hazard" letter. But this letter is just a notice, not a determination. The sponsor of the proposal has 60 days to counter the notice before the case will be terminated. From here, they'll likely request the FAA do a full aeronautical study, which will require them to prove the structure has a substantial adverse effect on the airspace. They can also request circularization, which would allow for other entities to comment on the proposal. These two things alone are typically enough to get a favorable determination.
It looks like the proposal was filed in August 2014, with construction slated to begin in April 2015, so it's likely they filed early knowing there would be hurdles to cross.
The other option is to terminate the existing proposal and re-file within the guidelines of the "Notice of Presumed Hazard" letter (in this case, it's the generic "keep the structure below 500 feet" guideline). If they don't respond within 60 days, the case will be automatically terminated and they will have to re-file regardless. But since this project is already designed and announced, I definitely don't see that happening.
PS - I've linked some of the key phrases in this post to resources that explain in detail what I've attempted to summarize, so if this kind of thing interests you, you can do some further reading.