All the existing residents of these towns would hate everything about this. Also, once you bring in things to do so people aren't "bored", and fill it with hipsters... you just have the city again. The small town vibe is lost. The lower prices are gone, because high income earners have moved in, and the locals are priced out of the town they grew up in. This is a horrible idea. If a company wants to buy an empty plot…
The "small town vibe" is what holds back the value. It's undesirable to modern young people to not have a vibrant creative atmosphere. Obviously this is a generalization but it's clearly true on average. That's bad for the town no matter which way you look at it -- top young talent leaves at first opportunity, so no companies invest because no ambitious talent pool, so no dollars flow through local economy, and it be…
It is possible for small towns to grow an evolve while maintaining their culture. A small town doesn't need to become a tech hub full of hipsters to grow. Slow sustainable growth is what most of these towns want, not a massive boom and culture shock.
I grew up in a small town. Yes, I left right after high school and so did my sister, but she moved back once she had a family. A lot of people move to the city to start their career, make some money, and meet someone, then transition to a smaller town (or at least a suburb) once they have kids. This is an intentional choice. If the small town turned into a big one, they would likely look to leave and go somewhere else.
The place I grew up voted down a freeway proposed near town when I was in high school. They didn't even want faster access to a bigger city, because they were afraid of people working in those cities living in town and the impact that would have. I didn't agree with it, as I wanted a fast way out of there, but that's democracy. If a city, and it's people, want this to happen... ok. But a company deciding on its own that their way is the best way and changing the entire culture of a city by force is no better than one country invading another to try and impose their political structures as "best".
I moved to an area that was near freeways, but I still understand why some people don't like it. I kind of like the pace of small town life, but I want more job options, so I chose a larger area. Transforming a small town doesn't seem like it will solve anything. If I want the pace of a small town and that pace changes to bring in more job options, then it would no longer have that small town pace. The last place I lived had a lot of rules in place to keep it from feeling too "big". They had max building heights, didn't allow chains downtown, etc. I left for a few years and when I went back, a lot of that seemed to have changed. They are building giant condo complexes downtown, there are chains going in left and right, traffic is a mess. The place is worse and it lost the essence that made people want to be there in the first place.