Acquisition of remaining part of building and land after their portions within regular line of street have been acquired

(1) Where a land or building is partly within regular line of a public street and the municipality is satisfied that the land remaining after the excision of the portion within such line will not be suitable or fit for any beneficial use, it may, at the request of the owner, acquire such land in addition to the land within such line, and such surplus land shall be deemed to be part of the public street and shall be vested in the municipality. (2) Such surplus land may, thereafter, be utilized for the purpose of setting forward a building under section 416 or for such other purpose as the municipality may deem fit.