A construction company is evaluating an investment project consisting in developing a new residential building on a plot of land. The cost of the land, to be paid in t=0, is 500K and construction would take 2 years. Construction costs are estimated to be 650K in t=1 and 650K in t=2. The building would then generate an annual cash flow of 250K in perpetuity, starting from t=3. If the cost of capital is 8%, the NPV of this project is closest to:

A. 1,357K B. 1,190K C. 1,020K D. 1,466K