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

A redevelopment project and a development project, while both involve changes to land and property in a given area, are two distinct types of projects. A redevelopment project is one that aims to revitalize a particular area. It typically involves multiple lots of land, as well as improvements such as construction of new housing, buildings, parks, or infrastructure. These projects are generally funded by local governments, who use Eminent Domain law to assemble the necessary land and ensure the project is carried out. A development project, on the other hand, involves creating something entirely new from a vacant lot or undeveloped area. This can include housing, commercial or industrial buildings, parks, or other infrastructure. These projects are typically funded by developers and investors, and often require Eminent Domain law to acquire the necessary land. In New York, both types of projects are important for the growth and development of the city. Redevelopment projects help to revitalize areas and improve quality of life, while development projects create new opportunities for businesses, residences, and infrastructure. However, it is important to note that both types of projects rely on Eminent Domain law to acquire the necessary land for these projects.

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

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