kupomogli on 08 November 2014
I also say number two, although not exactly.
I think Nintendo is saying has been in development since 2011 because of the idea, as that's when they came up with the idea to develop it, but they didn't want to release the game in such a close proximity to Ocarina of Time and steal away the interest of Wind Waker HD, so they held off on actually developing the game until later.
I highly doubt it took three years considering it has the same textures as Ocarina of Time. Either they had the idea of the game since 2011, or they finished it up already and they're releasing it now because they wanted to make sure Wind Waker HD got all the sales it could.
