Starfish are famous for their ability to regenerate, or regrow, a lost arm. Anything that revives in this magical way can be said to regenerate.
While the verb regenerate can literally mean "produce anew," it can also describe what happens when something is fixed up, made "like new." An argument that's often made for bringing a new company, sports complex, casino, or other enterprise to a depressed area is that it will regenerate the town economically, bringing it back to life. In Latin, regeneratio means "being born again."