I seek to synthesize several different approaches to issues of urban land redevelopment and the built environment. The essay focuses on developments in the third and current historical wave of capitalist development. I describe the economic logic of land-use change with reference to both commercial and residential property. This logic has become intimately intertwined with global finance and this state of affairs has introduced new elements of fluidity and risk into the built environment. Issues of urban policy and the role of municipal authorities in shaping urban land markets are then considered. I describe how agencies of local government increasingly pursue development projects in complex partnerships with representatives of the real-estate industry. In the second half of the paper, the overall argument is recast by reference to three important trends in regard to land-redevelopment and the built environment in third-wave cities, namely, the economic and architectural renaissance of central business districts, the widespread gentrification of inner-city neighborhoods, and the emergence of a new postsuburban phase of peripheral urban expansion.