A planned development is permitted as of right in accordance with the requirements of Subsection 16-15.5 on lands designated as Block 26, Lots 5, 6 and 60, and Block 23, Lots 5.01, 33 and 33Q pursuant to a settlement agreement. The primary purpose of this development is, among other purposes, to provide a transitional zone between the PD Zone and Business/Commercial Zones and the R-1 Zone. The development is permitted in the area indicated on the Greenwich Township Zoning Map as the "Planned Development Single-family Zone."