That is what it is, but please more context would help.

The design for the 40000 spectator, 38500 m2 football stadium – inspired by the colourful ... Client: Dalian City Bureau of Urban Planning, ...
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Its pretty much gone now...they had a huge sale last weekend for people to buy different things out of the stadium. I am sad we tore it down ...
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Note added at 4 hrs (2009-10-30 06:36:41 GMT)
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Saludos!
eski :))

"El Trigal" is a neighbourhood located in Valencia.
"El Trigal" es una urbanización localizada en Valencia.

I am assuming that this is for a UK audience (since you're based in the UK) and I think we would tend to call it a "housing development" over here. However, as the others have suggested, it would depend on the rest of the context.

Please see links below.

I would use urban development in this case.

In architecture/construction projects "urban development" of the area around the building to be built, (the stadium in this case) usually refers to the adaptation of the area around it for its use, like entrances and exits, pavements and roads, kerbs (sidewalks in US), plants, streetlamps, drainage installations etc etc, everything needed around the building to make it "urban".

Hope this makes sense, as I mentioned above in the discussion entry this word crops up at least once a week in my line of work and without any more context it's a bit tricky....

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Note added at 10 hrs (2009-10-30 12:23:54 GMT)
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A good example: The company I work for designs airports and airport terminals, and a lot of the time terminal projects are referred to as "el edificio terminal y su urbanización asociada". This is translated as "the terminal building and its associated urban development".

In the scope of works the "urbanización" of a building is priced apart from the actual building itself.

Suerte!