From the blog Objective Justice, news of a NJ case over use of eminent domain to prevent new development, where the court found that
the acquisition of open space for the express purpose of stopping development is a legitimate public purpose.
[The municipality] had a reasonable basis for concern that additional residential development would aggravate traffic congestion and pollution problems in the municipality and impose added stress on its school system and other municipal services.
As Sean concludes:
So there you have it. The municipality not only has the right to pursue whatever economic interest they may have in land, they may also trump any economic interest that anyone else may have in the same property. So, if a company buys an area in order to improve it, the government may use eminent domain to take that land away because they want it improved in a different way. Say so long to your property rights.