For any development or enlargement that does not qualify under provisions of Section 105-701 (Applicability of large-scale residential development regulations), the City Planning Commission may authorize variations in required front, rear or side yards, parking lot landscaping or maneuverability requirements, location of parking, driveways or curb cuts and required space between buildings on the same zoning lot, and may modify height and setback regulations for the purpose of preserving natural features, provided the Commission finds that:

(a)        the proposed placement of buildings and arrangement of open space will not have significant adverse effects upon the light, air and privacy for existing buildings in adjacent areas or the opportunities therefore in future development; and

(b)        will preserve significant natural features.

The Commission may condition such authorizations upon the joint submission of acceptable plans for development or enlargement of two or more adjacent zoning lots by the owners thereof.