Redevelopment (noun)

The process of improving or rebuilding an area, especially a run-down urban area, by making changes to its existing buildings, infrastructure, and economy.

Origin:

From the combination of the words 're-' meaning 'again' and 'development' meaning 'the act of developing'.

Examples:

1. The city is undergoing a massive redevelopment project that will transform its downtown area.
2. The redevelopment of the old factory into a modern office complex was a major achievement.
3. Many people are concerned about gentrification and displacement as a result of the redevelopment in their neighborhood.
4. The redevelopment of the waterfront has attracted new businesses and increased tourism.
5. The government has allocated funds for the redevelopment of the area affected by the natural disaster.