According to the article, this would be their most ambitious project yet, although with all things being relative, 17 stories is not anything massive. And the design and height are both quite modest - this doesn't scream "pie in the sky" although the location isn't prime (it's not a bad location, it's just not exactly the epicenter of Univ City).
KCA's past projects have included townhouses, detached homes, shopping-center retail, and low-rise apartments, according to its website.
However, the fact that they've already prepared a CDR submission, tells me they're serious. It also puts this project ahead of many other proposals on this forum.
This is the current site; obviously a highrise would be a much better use for this property: https://goo.gl/maps/zw6a2VBaQnH2