Currently own property on a busy street in a developing area

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Hi, we currently own and live in (about an acre of property) next to a busy street on an increasingly commercial developer-interest area on the west side near Goodyear long before it even had any commercial interest.

We plan on selling much higher than what residential properties would typically go for (knowing the commercial interest and demand is growing in the area).

One developer in particular even brought up the idea (and basically nonchalantly threatened, imo) that they can go to the City to take our property via eminent domain.

Now, that raises some questions. I was wondering if they could in fact take our land since the area around us is becoming increasingly developed. We were under the presumption that the government cannot use eminent domain and then transfer that property to private parties.

Are there any ideas on what we can do? We were super lucky and blessed to have chosen this property decades ago. And now that commercial interest is growing, we would like to sell into the true demand, and receive a fair price for such a good location.

Greatly appreciate your input!