redevelopment

From re- +‎ development.

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redevelopment (countable and uncountable, plural redevelopments)

1. The process of developing something anew.

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

2. The demolition of old, redundant or unfashionable buildings or infrastructure and the construction of new ones on the same site.
   • 2022 March 23, Stefanie Foster, “Updated designs unveiled for HS2's Euston station”, in RAIL, number 953, page 23:

     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."