If a lot of record, duly existing prior to the adoption of this Zoning Law or any applicable amendment thereto, fails to meet applicable density, set back or lot size standards as set forth herein, the lot may be developed with any compatible use listed for the zoning district in which such nonconforming lot is located provided that such lot has sufficient width, depth, and area to undertake development that will meet at least two-thirds of the current minimum yard setbacks and other dimensional requirements. Where two-thirds of current minimum yard setbacks and other dimensional requirements cannot be met, the owner shall have the right to apply for one or more area variances. All other provisions of this Zoning Law or other laws or regulations, which may be applicable, must also be met.