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 local government agencies 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 landredevelopment 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 post-suburban phase of peripheral urban expansion. KEYWORDS Built environment; financialization; land-use change; third-wave cities; urban redevelopment Urban Land and Property in Question This paper takes the form of an extended essay in which I seek to synthesize several different approaches to questions of land redevelopment and the built environment in contemporary cities. My objective is to bring these approaches into juxtaposition with one another so as to shed fresh light on the ways in which they operate, their relations to the functional structure of the city, and how they are currently reshaping patterns of urban development. A complex scientific and political question about the valuation, appropriation, and use of urban land and property emerges endemically within cities in capitalist society (Roweis and Scott, 1978). The substance of this question can be discerned within the phenomenon of the urban land nexus conceived as a mass of functionally interdependent assets such as factories, offices, houses, shopping facilities, public buildings, infrastructures, and so on, arranged in conjoint spatial patterns around a common center of gravity (Scott, 1980; Scott and Storper, 2015). Complex processes of redevelopment, piloted by intermediaries