Create Built Blocks from a Shapefile of Individual Buildings

[SonaliSharma]

Hello everyone,

I have a shapefile containing individual building footprints which are grouped as sites (Point_ID). I would like to create built blocks by merging adjacent buildings?/!. My fields in shapefile are FID (unique), Point_ID (multiple with group of FIDs in each),

The goal is to create larger contiguous polygons that represent entire blocks of buildings rather than individual structures. I found the similar issue here (https://gis.stackexchange.com/questions/365021/how-to-create-a-built-up-area-from-multiple-polygons)

Following to which I tried to first dissolve my building polygons by Point_ID and then I ran the Minimum Bounding Geometry tool, but output is havoc. 
I also tried to use it directly through Group by list and then field was Point_ID, but no help. 

Can someone please help me in this.

[Robert_LeClair]

So I did this.  I selected the building footprints within a block, ran the Minimum Bounding Geometry GP Tool with the parameters seen in the screen grab below and it created a rather nice rectangular polygon.  Granted, only limited data.