REDEVELOPMENT

renovation, redevelopment, overhaul

(noun) the act of improving by renewing and restoring; “they are pursuing a general program of renovation to the entire property”; “a major overhaul of the healthcare system was proposed”

Source: WordNet® 3.1

Etymology

Noun

redevelopment (countable and uncountable, plural redevelopments)

The process of developing something anew.

The demolition of old, redundant or unfashionable buildings or infrastructure and the construction of new ones on the same site.

Source: Wiktionary

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