The Collaborative International Dictionary of English v.0.48:

Redevelop \Re`de*vel"op\, v. t. & i.
   1. To develop again; specif. (Photog.), to intensify (a
      developed image), as by bleaching with mercuric chloride
      and subsequently subjecting anew to a developing agent.
      [1913 Webster]

   2. to rebuild an urban area, usually commercial but sometimes
      residential; -- typically involving some portion of
      government involvement and expenditure.
      [PJC] -- Re`de*vel"op*er, n. -- Re`de*vel"op*ment, n.
      [Webster 1913 Suppl.]

The Collaborative International Dictionary of English v.0.48:

Redevelopment \Re`de*vel"op*ment\, n.
   the rebuilding of an urban area, usually a commercial
   district but sometimes residential or industrial, and
   typically involving some portion of government involvement
   and expenditure; to organize a municipal redevelopment
   agency.
   [PJC]

WordNet (r) 3.0 (2006):

redevelopment
    n 1: the act of improving by renewing and restoring; "they are
         pursuing a general program of renovation to the entire
         property"; "a major overhal of the healthcare system was
         proposed" [syn: renovation, redevelopment, overhaul]