Do you know about Private Urban Complex Development?

My parents have been running a studio apartment building in Busan for over 20 years to cover their living expenses. As they are getting older, management has become difficult, so they are considering disposing of the property. Recently, I noticed they are collecting consent forms for a Private Urban Complex Development project here. It seems they tried to push for redevelopment during the real estate peak but it didn't work out, and now they are attempting it again using a REITs-based method.
According to my inquiries with AI, it seems quite different from general redevelopment or local housing cooperatives.
Since my parents don't need a newly built house, they are thinking about opting for cash liquidation to use the funds for their living expenses. I am wondering if this is a viable approach.