If it's really the only place you want to go... then it's probably the only place you should apply to. If you end up going to a 2nd choice Uni that you didn't really want to go to, you might end up resenting it. Personally I think if you don't get in to where you want, it's a better idea to go back to college and spend a year getting more / better qualifications, and get practical experience to list, and then reapply to the one you really want to go to for the next year.