Realistically, is there any chance that it will actually get built?

For those of you that have been living under a rock, a bunch of fellow railroad turbo-autists created a trust to build a brand new T1 Class steam locomotive from the ground up. It's estimated to be done by 2030 and cost $10 million when all is said and done. Where they are getting this money from I have no idea. It started in like 2014 and so far they only have the number plate cast, and I think they're working on the driving wheels.

https://en.wikipedia.org/wiki/Pennsylvania_Railroad_5550#The_T1_Trust

Personally, I simply don't see how you could do this without access to an actual locomotive factory.