In C1, C2, C4, C5, C6 and C7 Districts, the City Planning Commission may permit public parking garages or public parking lots on waterfront blocks in accordance with applicable district regulations and Sections 74-51 and 74-52, provided the parking facility is an interim use limited to a term of not more than five years, or the Commission finds that:

(a)        the facility is needed to serve primarily waterfront developments containing WD or WE uses; and

(b)        there is no practical possibility of locating such facility on a non-waterfront block because appropriate sites on such blocks are occupied by substantial improvements.

The Commission may prescribe additional appropriate conditions and safeguards to minimize adverse effects on the character of the waterfront and surrounding area.