Is it smart to buy properties in redevelopment area?

[Rafal Mielniczek]

So I have an opportunity to murchase a 20 unit building in my backyard which is northern New Jersey. The city where this building is located is going trough major down town redevelopment where they are putting up approximately 3,000 units over all. The property I’m looking at is just one block out of the designed redevelopment area. My question and concern is, is it good idea to buy it since there will be plenty competition with the new buildings???? What would be the Pros and Cons on investing in such an area????