The Collegiate School is not legally obligated to provide the 55 units locals expected in the project.
The air rights for the landmarks, including St. Patrick's Cathedral, would be worth billions of dollars.
The vision plan, which is studying area streetscapes, will not be ready until the fall.
Developers would be required to chip into a District Improvement Fund before getting building permits.
The changes in zoning regulations were presented to the community at a meeting on Thursday.
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