Major construction projects like these are usually part of a long-range city, town or county plan. Construction can be disruptive and may even have a negative effect on the neighborhood or property values. The finished project may also improve the quality of life in the neighborhood. Find out all you can before you decide to buy. If so, find out what kind of projects they've planned and where.
Empty lots are sure targets for new development in desirable areas.
If you question the quality of the schools, find out if there are solid plans for improvement. If not, ask neighbors why. It could indicate a serious problem with the schools. In general, the more owners there are in a neighborhood, the more stable the area. In a large city neighborhood or in areas with a shortage of affordable housing, this may be less relevant.