It's just another redevelopment scheme.
The development lobby and their allies in government and the contracting community is constantly getting cities to condemn
"blighted" neighborhoods (read "cheap land") so they can be converted to expensive but intrinsicallly unsupportable shopping malls , athletic stadiums, high priced condos, etc. Real housing and businesses and communities are disrupted and the residents forced out to fend for themselves elsewhere.
The only difference in this scheme is no one is going to get rich from it.