Meaning of “redevelop” in the English Dictionary

(Definition of “redevelop” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)

"redevelop" in Business English

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redevelopverb [ T ]

uk /ˌriːdɪˈveləp/ us PROPERTY

to replace the buildings in an area with new ones:

be redeveloped (as/for/into sth) Several neighborhoods in the western part of the city have been redeveloped.
Former warehouses will be demolished and redeveloped into a $185 million hotel complex.
redevelop land/property/an area Money has been made available from the Economic Development Corporation as part of larger efforts to redevelop the area.
redevelop a site/space Talks are continuing with planners about proposals to redevelop the site for office buildings.

(Definition of “redevelop” from the Cambridge Business English Dictionary © Cambridge University Press)