Any lot held under separate ownership prior to the enactment or amendment of this chapter, and having a lot frontage, lot size, side and rear lot line setback or setback from road center line less than the minimum requirements set forth in this chapter, may be developed for any use allowed in the district in which it is located, as designated in § 240-14 of this chapter, provided that such lot has sufficient frontage, side and rear lot area to undertake development which will:
A.
Maintain the required setback from road center line; and
B.
Maintain at least 2/3 of the required minimum setback from side and rear lot lines.