'Percy Jackson' TV series reboot news update: Is the project still happening?

The third installment for the "Percy Jackson" franchise (most likely based on the third book, "The Titan's Curse"), was scrapped two years ago. However, "Percy Jackson" fans saw a glimmer of hope when it was revealed that the franchise would be getting a reboot as a TV series, with The CW set to produce. Two months later, no updates about the series have come out at all — is the project officially dead?
The CW was set to reboot the entire Percy Jackson franchise all over again, and according to News Everyday, The CW had decided to allocate $12 million for the first season and the first half of the second season. It was reported that Logan Lerman (Percy Jackson in the movies) would not be taking part in the production, so fans expected a new actor to fill in the role of the son of Poseidon. The production was reportedly looking for younger actors who could pass for a 14-year-old boy.
Until now, however, Rick Riordan, the writer of the "Percy Jackson" novels, and executive producer Greg Berlanti ("The Flash"), who was reportedly going to develop the TV show, have not made any comment on the status of the project.
What does this mean for "Percy Jackson" followers? Fans of the franchise on Reddit have already expressed their disdain for Hollywood's lack of love for the franchise, asking if the "Percy Jackson" fandom. Hopefully Riordan will give fans an update within the year, seeing that his book series is still going strong, which, to studio execs, could mean a very strong potential for a TV series.
The "Percy Jackson" book series follows the adventures of Percy Jackson, a demigod who is the son of Poseidon and a human woman. He is whisked away to Camp Half-Blood where he undergoes training along with his other fellow demigods. Along for the ride are his friends Annabeth, daughter of Athena, and Grover, a satyr who is Percy's personal guardian.