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Poor due diligence
Due diligence is not about walking away from an opportunity where obstacles exist. It is about investigating what potential obstacles might complicate an opportunity. Sounds like they knew going into this deal what the obstacles would be and concluded there was a good legal argument for modifying the covenant restrictions make sense in light of the major changes to that part of Hamilton County (sparsely populated in the 1950s, now surrounded by mini-mansions as far as the eye can see).
Good DD would have revealed this problem before they plowing millions into the purchase. They say they can make it work without the change, but it will lessen the attractiveness. There’s no good legal argument for changing it it just because other neighborhoods don’t have such a covenant. Review the definition of covenant.
Very 1st world kind of problem.
If I remember correctly Estridge tried to develop but was turned down to the covenant
Well, the other kids are doing it !!