Shopping center redevelopment is inevitable to remain attractive for consumers. In this paper, we investigate the external effects of shopping center redevelopment on nearby residential property prices. Using a difference-in-difference empirical framework, we find the redevelopment has positive external effects on nearby property prices. We find the price of a property located next to a redeveloped shopping center increases by 1.43% on average just after redevelopment. Our results indicate that these positive external effects wear off rather rapidly across space and over time. This suggests that shopping center redevelopment plays a substantial, but limited, role in combating neighborhood deprivation.