Not according to the Supreme Court:

I know all about the Kelo case - and the Supreme court got it WRONG. (Their record in the last several years is pretty disgraceful - look at their 5-4 decision regarding Gitmo Bay in the spring of 2008).

Have you read Justice O'Connor's dissenting opinion? Here's an excerpt:

Any property may now be taken for the benefit of another private party, but the fallout from this decision will not be random. The beneficiaries are likely to be those citizens with disproportionate influence and power in the political process, including large corporations and development firms. As for the victims, the government now has license to transfer property from those with fewer resources to those with more. The Founders cannot have intended this perverse result. “[T]hat alone is a just government,” wrote James Madison, “which impartially secures to every man, whatever is his own.” For the National Gazette, Property, (Mar. 29, 1792), reprinted in 14 Papers of James Madison 266 (R. Rutland et al. eds. 1983).

O'Connor also makes some brilliant points about wording in the constitution having independent meaning, and the concept of "greater good" and "public purpose".

Eminent Domain is violation of the 14th amendment. It is, ultimately, a way for the government to raise tax revenue by force. Freedom ends at the point of a gun, and eminent domain is just one more example of our country moving towards collectivism and ever-widening government abuse, power, and fraud.

To paraphrase Tom Cruise in "A Few Good Men", people who think it is OK for the govt to pull this crap are certifiably insane, and this "for the greater good" garbage makes me want to beat the sh__ out of people.