The clearing and rebuilding and redevelopment of urban slums WordNet 3.0 & Open English WordNet

Urban renewal is a program of land redevelopment often used to address urban decay in cities. Wikipedia

A function of urban planning Wikipedia Disambiguation

Program of land redevelopment in areas of moderate to high density urban land use. Wikipedia Disambiguation

A continuing process of remodelling urban areas by means of rehabilitation and conservation as well as redevelopment. Urban renewal programmes are generally undertaken by public authorities and concern those parts of the city which have fallen below current standards of public acceptability. OmegaWiki

A process where older areas of a city are redeveloped, including slum clearance, replacement of outdated buildings and infrastructure. Wiktionary