Any municipality having a population in excess of fifty thousand may provide by ordinance for the establishment of a building line, on any street, provided that written notice of the introduction of the ordinance establishing the line is sent by registered mail to the last known address of each person owning property fronting on the street on which it is proposed to establish the building line.  After the establishment of the line, no building or other structures shall be erected or moved and no existing buildings reconstructed or structurally altered, within the line established.

The line may be established on one or both sides of any street for the total length of the street or any part of it.  The ordinance establishing the line shall set forth the name of the street and the part to which the line shall apply, and shall provide that the owners of property abutting on the street within the part affected by the line, shall take notice of and be bound by the provisions of the ordinance.