The primary tenet of a fascist government is government control of private property.
In some areas there are zoning restrictions on what bushes can be planted and the color one may paint a house.
Then we have so-called smart growth restrictions on how many homes may be built on a piece of land.
And let's not forget that land can be seized under the Endangered Species Act to create de facto government nature reserves. All without paying a penny of compensation, of course.
Now we have a ruling where property may be seized for the "public interest." Public interest is nothing more than the American version of the Marxist "common good."
Yeh, I'd say we're moving along on the fascist highway.
Justice Stevens argument does amount to a declaration that the seizure was justified because the city had a plan to implement the common good. As opposed to individual rights, which are now secondary in the USA apparently.
In any case, you are right, government is making a top down decision on the common good of the community, and implementing it with central planning. It's pure socialism. And since the beneficiary and partner in crime is business development, it's also socialism's first cousin, fascism.
No, common interest in this case is more likely "how much cash the developer slipped the local politicians under the table".