No building shall be erected, reconstructed or structurally altered to exceed in height the limits established and specified for the use and the district in which such building is located. On a lot where terraces exist, the height of the building located thereon may be increased above the height limitations of the district a distance equal to the height of the terrace above the curb, provided that the depth of the front yard be not less than the height of the terrace above the curb.
(1969 Code §27-8)