6 - Laserfiche WebLink

Figure 4: P18-0340 Approved Site Plan VOW tv4 Nut Rt.Sr ^. 'rows& Fitness Center :t- t ` . Restaurant x 4:: • 4,Retail / Nordstrom's Market/Cinema/ Restaurants , f Retail• 1111rill r eyr. ( Retail /t.,` ,++ Stoneridge • Mall Shops Macy's 3, ,V PUD-136 Submittal (Residential Project) On August 21, 2019, the applicant submitted a Planned Unit Development (PUD) Development Plan application to construct 486 residential apartment units on approximately 9 acres adjacent to and south of the Sears site currently zoned PUD-MU (Planned Unit Development — Mixed Use). As proposed in the August submittal, the project would include two residential buildings and separate parking garage. The main building would be a 418-unit wrap-style building (i.e., residential units and retail/restaurant space "wrapped" around a parking structure) that would be six stories tall with a maximum height of 79 feet. The second building would be a stand- alone residential building with 68 units and be five stories tall with a maximum height of 55 feet. In addition to the two residential buildings there was also a five-level parking garage. The initial site plan is shown in Figure 5 for reference. As shown, the residential uses would have been standalone/separate from the previously-approved commercial uses, with buildings fronting along Stoneridge Mall Road to the east and south. PUD-136 Workshop, Stoneridge Shopping Center Planning Commission 7 of 14 Planning Commission 6 of 14 y relaxation or waivers in development standards) for housing developments that provide a specified percentage of affordable units.' Affordable units are those offered for sale or rent at rates determined "affordable" to households in various income categories (low, very- low, and moderate income), typically well below the cost of market-rate units. The PMC and State law establish a sliding scale for density bonuses up to a maximum of 35 percent, and one or more incentives or concessions, depending on the number of affordable units and the levels of affordability. The amount of density bonus is calculated according to the following summary table: ' As part of the 2012 Housing Element Update, the City was required to update the Municipal Code to include a Density Bonus Ordinance to be consistent with State Density Bonus Law. PUD-136 Workshop, Stoneridge Shopping Center Planning Commission 5 of 14 owned properties, including Macy's Men's Store, Macy's Women's Store, JCPenney, Nordstrom, and Sears (recently closed and purchased by Simon Properties). The Stoneridge Mall is governed by a development agreement, amended since its original approval, which grants to the mall ownership vested rights to certain entitlements. In 1992, the City and The Taubman Company — original owners of the Stoneridge Mall — entered into a Development Agreement which granted rights to the mall to expand by 178,000 square feet. In January 1998, the City approved the first Amendment to the Development Agreement to further increase the Stoneridge Shopping Center by an additional 202,000 square feet, allowing for a total of 380,000 square feet of additional floor area. On April 21, 2018, the City Council approved an amendment to the Development Agreement to extend the term of the agreement until December 2022. PUD-136 Workshop, Stoneridge Shopping Center Planning Commission 2 of 14