Will new housing development increase my home value?

[Jordan Higley]

I recently purchased a rental property and I'm fixing it up before I put a new tenant in it. While I'm fixing it up, I get a letter in the mail stating that the raw land behind my house may possibly become a new housing development in the near future. Right now, it's just a large field for cattle & deer -- but it provides an awesome view from the backyard. This new development would put a house that backs up right next to my property.

The new houses are being proposed to the city, and if approved, would go in within a couple of years. They'll start selling these homes around $150,000 ( I bought my property for $100,000). My home was built in the 70s, so it looks older....will this enhance my home value or no? Any ideas?