On Wednesday, The New York City Council overwhelmingly green-lighted Rudin Management’s most recent plans to replace the former St. Vincent’s Hospital campus with condominiums and an outpatient medical center.

The proposal, approved by the council 48-to-1, includes 350 condominiums and a 24-hour emergency facility located at St. Vincent’s former O’Toole Building. The company also plans to turn over control of the planned AIDS memorial in St. Vincent’s Triangle to the Department of Parks and Recreation.

“We are very pleased with the agreement,” Paul Kelterborn and Christopher Tepper, co-founders of the AIDS Memorial Park Coalition, said in a statement.

Rudin’s previous proposal included 450 residential units. The company has since revised the plan and purchased property at 75 Morton Street in hope of transforming it into a public school. They have also donated $1 million to support local school arts programming.

“We are proud to have been able to augment our commitment to education in the area,” a company spokesman said in a statement.

But many Village residents who hoped for a full-scale hospital in the area were left disappointed with the City Council’s approval of the Rudin plan.

“[City Council Speaker Christine] Quinn doesn’t care about the community,” said Marilyn Lin, a 45-year resident of the West Village. “Whatever we need — a hospital, an emergency room — all she cares about is the next election.” Quinn said in a statement that “the ultimate agreement we have reached is a major step forward.”

The plan now awaits approval from the Landmarks Preservation Commission. The project is scheduled for completion in 2015 and is estimated to cost $900 million.