No it's not.
It's clearly a new type of B&M!
In serious-speak, the indoor section is having work begun. Aparently there is some v-shaped thing at the top and bottom, which is apparently to line up the track when it goes up and down. The only problem is in the pictures on TT, you can't actually see it! They have also started on the station part of the building, and the shell is looking pretty finished. There is only two weeks before the end of the year, so I don't expect that much more to happen until then, unless Rita is not open for Adrenaline Week. Someone know if it is?