The developer plans to begin construction of a building in one year if at that point rent levels make construction feasible. Cap rates are currently 10% in the market. The building will cost $750,000 to construct. During the first year after construction would take place, there is a 35% chance that NOI will be $225,000 and a 65% chance that NOI will be $90,000. NOI is expected to grow at 3% per year after the first year in both cases. What is the land value under the "real options" approach? O $525,000 O $1,500,000 O $1,372,500 O $237,250