IPA: /ˌriːdɪˈvɛləpmənt/
KK: /ˌriːdɪˈvɛləpmənt/
The process of tearing down old buildings or structures and building new ones in their place, often to improve an area.
The city plans to start the redevelopment of the old industrial site next year.
Redevelopment → It is formed from "re-" (meaning again) and "develop" (from Old French *desvelopper*, meaning to unwrap or unfold). The word "redevelopment" means the process of developing something again or anew.
Think of doing something 'again' ('re-') to 'unfold' or 'develop' it — that's why redevelopment means to develop something anew.