Can I 1031 a Spec Build of a Long Term Rental

[Ben Parr]

I have a rental I've had for 8 years or so and I'm contemplating an exit. Bought for $32k with about $20k in rehab, now worth $150k. One possible exit is to tear down the rental and put up a new build. Build cost $200-250k, ARV around $500k

If I did so would that disqualify me from doing a 1031? If so, if I rent it for a year before selling would it work then?

Thanks in advance!