Seems like it is postponed until next year's Bike Month (May).
http://www.gonhgo.org/#!olivestbikelane/kgdtq
Wish I knew about the alternate suggestion form ahead of time, would have suggested Grand Ave between State and Hamilton. It's currently a missing link in the bike lane network, and is generally a chaotic mess.
Would be interested in getting involved in the revival of the Olive Street project when the time comes.