NEW YORK CITY—After a long community planning process, the East Midtown Steering Committee has issued recommendations for the rezoning of the area around Grand Central Terminal.

In an announcement of its findings, the steering committee says its proposed framework sets standards for new development, funding for needed transit improvements, enhancements for congested public spaces and asks the city's Landmarks Preservation Commission to complete the work of designating significant buildings. This will allow new and upgraded office space, the committee says, while furthering the need to preserve historic buildings, improve mass transit and enhance the public realm.

Developers would be permitted to earn additional square footage at designated sites only by meeting specific criteria identified in the report. For example, a developer could “earn” the right to construct additional density by first constructing transit improvements at specific subway stations. Or a developer could purchase unused air rights from eligible landmark owners in a new, expanded zoning district; as part of the transaction, the city would obtain revenue to fund public-realm improvements.