Meaning of “redevelop” - Learner’s Dictionary

redevelop

verb [ T ] uk us /ˌriːdɪˈveləp/

to make a place more modern by improving old buildings or building new ones:

There are plans to redevelop the city's waterfront area.
redevelopment noun [ C, U ]

the process of redeveloping a place

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