redevelopment

noun

1. (countable, uncountable)The process of developing something anew.

   “the redevelopment of the hero's character in a comic book”

2. (countable, uncountable)The demolition of old, redundant or unfashionable buildings or infrastructure and the construction of new ones on the same site.

   “The government of New Zealand is looking for a crew to lead the redevelopment of its research headquarters in Antarctica. Built in the 1980s, the country’s Scott Base consists of 12 structures that officials want replaced by three large, interconnected buildings, plus a separate helicopter hangar.”

   “HS2 Minister Andrew Stephenson added: "This station will not only benefit the local community by enabling the comprehensive redevelopment of the area, but will serve as a transport superhub acting as a gateway to the Midlands and the North."”