The term redevelopment, which represents property renovation and redesign, differs from revitalisation, the aim of which is to breathe new life into a property, whilst maintaining its original use.

Redevelopment is often used as a generic term which also encompasses revitalisation. What both concepts have in common is that renovation refers to a restructuring of the building. The term refurbishment (modernisation, renovation) is also used in this context.

Redevelopment of a property results in a new form of use. This change in purpose, which is associated with structural changes, is not limited to transformation of a residential property into a commercial one. For example, a retail space could also be converted into a call centre or, on a smaller scale, a ground-level office unit could be replaced with a shop.

The aim is to breathe new life into a property as well as further develop the building for a higher level of use. Redevelopment seeks to increase the value of an existing property.

Source: Immothek24, Lernmittel für die Immobilienwirtschaft