[chandler-dev] Chandler 2: make: *** No rule to make target `develop'. Stop.

Following <http://chandlerproject.org/Developers/ChandlerTwoSetup> and using
Mac OS X 10.5.7, 

[macbookpro08-centrim:~/sandbox] gjp22% make develop
PYTHON=$HOME/sandbox/release/RunPython
SETUP_OPTS="--install-dir=$HOME/sandbox/release/site-packages
--script-dir=$HOME/sandbox/bin -Z"
make: *** No rule to make target `develop'.  Stop.

Any suggestions? 

If it's relevant: 64-bit Intel. 

TIA
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