...Or will some corrupt politician and some big shot construction developer ruin and destroy it? ...
There is a correct way to handle this situation in a free and lawful society. It isn't takeover by the government from the owner. It isn't to make regulations to tell the owner what to do with his land. It is to gather likeminded individuals and buy the land yourselves. Become an owner of private property. Then you may do with the land as you please.
Yes, this is the ONLY solution, but you will never see it touted in the media because it doesn't empower government (read: Tyranny)