I'm not sure mine is a great idea either, but I'd think about 1 location ("Construction Sites") + a custom segment before I'd do Bins. But kind of creates the same issue. Though there are limits on Locations and not really on custom segments.
I'd worry about using Bins more for future-proofing. I'm assuming you're not using Bins currently, but if you do in the future for their real purpose, you might be stuck if you're already using Bins for faux locations.
e: I should clarify I think the Bins idea would work fine now and long-term too if you're 100% sure you're never going to use Bins in the future. If you do though, trying to accommodate bins as both a location and a bin could be painful.