gentrify

Verb

gentrify (third-person singular simple present gentrifies, present participle gentrifying, simple past and past participle gentrified)

1. (transitive) To renovate or improve something (especially housing or district), making it more appealing to the middle classes (now often with the negative association of pricing out existing residents).
   • Club neighbor Joe Gegis told the board that he was concerned about the licenses due to the problem of drunk drivers and that he believed the bar would lower property values, which have been rising in the area as it becomes increasingly gentrified.1986 February 1, Kim Westheimer, “Board Hears Testimony on Saints' Liquor License”, in Gay Community News, volume 13, number 28, page 3
2. To develop and invest in a penurious or impoverished place.