Only if you incorporate the Fifth Amendment under the 14th.
There is a long history of precedent of eminent domain takings for private benefit by the states going back to the early days of railroads and barge companies. In fact, Abraham Lincoln made his political name by rigging such deals, a corporate RINO from the get-go if you will.
So, yes the taking by New London for a private entity was an abomination. As to whether it should fall under the purvey of the Federal government to enforce the Fifth Amendment against the states, please consider this article. I am not sure you have considered the unintended consequences of such a preference.
Incorporation is another disaster. But I was arguing it on even their [the court's] own terms. As it is I really dislike incorporation: where else can we take the bill of rights, apply magic, and get something that utterly binds the States to the will of the Federal government?
The best, and most obvious, example is the First Amendment:
Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.The restriction is placed on Congress, not
the legislature, so applying the text as-is would do nothing to the States as they don't have a
congress. So in order for the First Amendment to have any impact on the States it has to be altered in some way. How does this happen? Magic!