Unfortunate, the tree will not survive. My brother is a big time builder here. I have seen it a hundred times. They will market that tree for the curb appeal, then dig right next to it. If your house is 8 ft away, the over dig will be about 3ft away. Tree will look alright at first, but then let go quickly. Take it down before ya build the home. Often, they say give it a chance. The cost between the two, before home, after home, will be staggering. When ya dig next to a tree that big, the massive amount of roots that will be ripped out will be to much for the tree to recover from, not to mention the stability.
When it comes to the landscape. Builders have one frame of mind, curb appeal, now. That means they plant to close, leave what they should take, then cover everything with mulch.
I had one of my guys ask to sell a oak log, thought he was gonna get thousands, he paid his buddy 100 to haul it on his roll off truck, he got 125 at the mill, made 25 bucks! It was over 16ft long and was about 40" dia, solid,straight, red oak.