I also suggest option (ii) if your creditors can wait but ensure that the sales proceeds can comfortably build you envisaged structure or better still modify the design (reduce the number of floors) to fit it to your cost of construction.
In future in whatever investment you do, know that cash reserve for emergency is as important as the project(s) itself as ready cash has no substitute especially in real estate investment as you cannot determine when you plots will be sold at a fair and reasonable price
especially if you have a limited time frame.The best time to sale your ripe plots is when you are not in a hurry.
That is where stocks has an edge. In a blink and with T+3 you can sell some stocks that have appreciated and settle your debts. So if you have
reasonable stocks, consider selling them first before you sale your plots.
When I was in a similar situation, it was my stocks investments that bailed me out without a blink, as I can always rebuild my stocks portfolio gradually, but the plot you sale now cannot be gotten back again FOREVER at the price you sold on the same location.
But selling some plots to develop others is a fair deal, a win-win situation, or can I say the best of the worst situation for you.
The wazua spirit as members is to educate and inform and learn from others within the limit of what we know in any chosen area irrespective of our differences in tribes, nationalities, etc. .