Deposit now empty and being redeveloped (4,7)
I believe the answer is:
down payment
'deposit' is the definition.
('down payment' can be a synonym of 'deposit')
'now empty and being redeveloped' is the wordplay.
'being redeveloped' indicates anagramming the letters.
'now'+'empty'+'and'='nowemptyand'
'nowemptyand' anagrammed gives 'DOWN PAYMENT'.
(Other definitions for down payment that I've seen before include "Start of settlement" , "first instalment" , "Deposit towards a purchase" .)