redevelopment

[ree-di-vel-uhp-muhnt]
noun
1.
the act or process of redeveloping.
2.
an often publicly financed rebuilding of an urban residential or commercial section in decline.

Origin:
1870–75; re- + development

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Based on the Random House Dictionary, © Random House, Inc. 2014.
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World English Dictionary
redevelop (ˌriːdɪˈvɛləp)
 
vb
1.  to rebuild or replan (a building, area, etc)
2.  photog to develop (a negative or print) for a second time, in order to improve the contrast, colour, etc
3.  to develop (something) again
 
rede'veloper
 
n
 
rede'velopment
 
n

Collins English Dictionary - Complete & Unabridged 10th Edition
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Example sentences
Her mission, give voice to the voiceless, especially those displaced by the
  multi-million dollar redevelopment of the projects.
There is always drawbacks ie cutting down of trees, and forest for
  redevelopment and what not.
Moreover, the upheaval accompanying redevelopment had drawn into it an extra
  share of derelicts and thieves.
Instead of ruling out redevelopment in low-lying areas, the agency had
  essentially left floodplain elevations unchanged.
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