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.]