Ordinance 2023-755 proposes a zoning reclassification for the property at 201 W. 48th St, changing it from Residential Low-Density-60 (RLD-60) to Planned Unit Development (PUD). The PUD is specifically for the "Lofts at North Point" project, which will consist of a 125-unit affordable multifamily apartment complex. The project includes amenities such as a clubhouse, fitness center, and playground. This rezoning is crucial for the development of affordable housing in the North Point area.