"Redevelopment" is a word that can have a variety of meanings depending on the context. In New Jersey, when "redevelopment" is used in connection with real estate, particularly Brownfields or properties in urban areas, it typically refers to the legal process by which one or more properties are formally designated for redevelopment. An "area in need of redevelopment" designation indicates that the lots in question have been formally identified by the municipality and found to meet certain statutory criteria that warrant redevelopment. A redevelopment plan is then adopted which sets forth the parameters of permitted development in order to eliminate the conditions that resulted in the "area in need of redevelopment" designation.