gentrify

To renovate or improve something, especially housing or district, to make 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.

To develop and invest in a penurious or impoverished place.