multifamily in a rezoned area for multifamily?

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I'm looking at a multifamily property that has been rezoned from MF to SF... so it is grandfathered as nonconforming use.   the area has been targeted for a planned development.

reading the regulations of nonconforming use.. 

1 if more than 50% of the market value of the building is destroyed by act of god or otherwise you can't rebuild except under current zoning which means that if one of the MF buildings in the complex goes down (there are several on the property) I take that to mean it's tough luck and you're stuck with a serious NOI hit unless you build SF.

on the plus side.. perhaps the land value will appreciate more in a planned redevelopment zone if you plan on holding long term? 

anyone have any thoughts or experience with this type of situation pros and cons?

thanks in advance