regenerate
verb [ T ]
uk/rɪˈdʒenəreɪt/ usto develop and improve something, especially by making it as good or successful as it was before:
They are involved in a series of commercial and housing developments to regenerate the area.
The casino is intended to create jobs and regenerate the local economy.
regeneration
noun [ U ] uk/rɪˌdʒenərˈeɪʃən/
urban regeneration