Like most suspect remarks, this one begins with the usual, "I'm not a lawyer, but ..."
In this economy, with this governement, and being the only resident able to stop it .... trying to fight it would be futile and pointlessly stressful, IMHO.
Do you have to sell on the open market after the development announcement? You poor bugger.
Will the developer buy your property or pay compensation? Could be alright, but get a lawyer.