What is the difference between a redevelopment project and a development project?

In New Mexico, redevelopment projects and development projects are both actions taken by governments to improve a piece of land. The main difference between the two lies in the purpose and context of the project. A redevelopment project involves taking an existing land or structure and making changes to it in order to make it more beneficial to the community. This could include taking a dilapidated building and renovating it to be a school, or taking vacant land and creating a park. Often, the goal of a redevelopment project is to improve the social, economic or environmental quality of an area. In contrast, a development project involves the construction of new structures on an untouched piece of land. This could include building new homes, businesses or other types of infrastructure in a rural area. The primary purpose of a development project is to improve the local economy and create jobs. Overall, the main difference between a redevelopment project and a development project is the context and purpose of the project. While a redevelopment project is focused on improving an area through existing resources, a development project is focused on creating something new that can benefit the local economy.

Related FAQs

What is eminent domain?
Does eminent domain apply to renewable energy projects?
Can the government take my property for private use?
What are the legal requirements for filing an eminent domain action?
What is the difference between a public use and a public benefit?
What is a taking?
Can I receive payment for relocation costs?
What is a declaration of taking?
How can I challenge the public use of the property taken through eminent domain?
What are the consequences of an uncompensated taking?

What is the difference between a redevelopment project and a development project?

Related FAQs

Related Blog Posts