No, people are looking at the peices of the puzzle we have (documentation, location, timeline, what the park has, what the park needs, what the park has recently lost, etc) and formulating hypothetical solutions that would fit as well within those parameters as possible.
@Ghost's accounting of the expected project area is a very good assessment in my estimation.
Could it be wrong? Certainly—and that's fine. We're just looking for the most plausible explanation and, right now, I think the most plausible outcome here is that the project area is 1.31 acres and encompasses roughly the area outlined above.
If there's some huge secret plan that BGT has managed to conceal from everyone and this is actually some major coaster that hasn't made large-scale construction progress in August, feel free to tell us how wrong we were after it's announced. Unfortunately, I think you're the one who is far more likely to come out very disappointed here though.
Anyway, my point is that not every post in this thread is created equal. You may just be throwing your BGT wishlist against the wall hoping something sticks, but other people are putting a lot more time and thought into their hypotheses than that.