Any lot held under separate ownership prior to the enactment or amendment of this chapter, and having a width, depth or area less than the minimum requirements set forth in this chapter, may be developed for any use allowed in the zone in which it is located as designated in Article IV of this chapter, except as otherwise prohibited by this chapter, provided that such lot has sufficient width, depth and area to undertake development which will maintain the required minimum front yard, side and rear yards, and not exceed the maximum permitted lot coverage.