Many architects I know have such master plans for their own residences. Revit's phasing feature records and manages plans as they evolve over time. Master planning of these campuses is a common activity for design professionals, and revisions to these plans occur with each new project. Revit's phasing functionality facilitates the preparation and maintenance of documents that show the evolution of the campus over time. Because phasing information applies to any view, it's easy to obtain even rendered perspectives of the campus as it develops over time.
Buildings are subject to many renovations throughout their lifetime, some extensive, some modest.
You can use a Revit model of the building to accumulate information about these renovations over the life of the building. You can add new phases, and the model keeps track of what is existing, demolished, and new in each renovation. Architects and engineers who work on a renovation can roll back through the history of the building to see how their current work is affected by work done previously. Building design teams are often asked to make extensive changes late in the design and documentation process. This request may come from the client, a change in regulations, or some other cause.