Problems -
(1) The taking of private property and transfer to a commercial interest has been determined to be a public use/purpose. Your restriction allows Wal-Mart and Meijer; it just restricts new housing on the site in question.
(2) This is probably unconstitutional. Regardless, at least historically, the owners of property that has been condemned usually don't fight for more money for the reason that the jury will be made up of the very taxpayers who are footing the bill.
(3) You might have something, here. But what will happen is that some smart lawyer will simply draw up a "lease" that will transfer all ownership rights other than title. Money players will simply contract the property based on a promise to transfer title after the encumbered period has passed.