Redevelopment of area stricken with Urban blight

Hello all! I was hoping to get some advice/guidance on initial steps that should be taken when targeting an area in decay.  More specifically, getting control of land that will be used for commercial purposes.  Most of the buildings are to badly damaged and will need to be torn down- so new development is needed.  The gentrification process has not started yet but I'm sure it's just a matter of time before developers enter this market.  It appears there is very little investor activity currently.

I would greatly appreciate the guidance of anyone who has community development experience.  Should my initial steps be to establish relationships with key individuals at city hall, raise capital, do the research to see if any business owners would be willing to move to the area, or should I attempt to put an option on the land before I do any of the preceding? I'm sure there will be many challenges when taking on such a large project.  Thanks!