6 - Laserfiche WebLink

PROJECT DESCRIPTION The proposed mixed-use project includes the construction of 486 apartment units to be integrated into the previously approved commercial project, components of which included the demolition of the existing approximately 178,000-square-foot Sears Department store and parking structure and construction of 258,000 square feet of new buildings containing retail, grocery, cinema, and specialty lifestyle health club uses. As proposed, the originally approved market, cinema, retail, and restaurant buildings directly adjacent to the existing mall building would remain in a similar configuration to those previously approved. The lifestyle fitness facility however is proposed to be moved to the southeast portion of the site at the corner of Stoneridge Mall Road and Stoneridge Mall Road. New residential buildings would then be located to the north and west of the fitness facility. To the north would be a residential building that would also integrate some ground floor retail and restaurant uses, using a "wrap" style of construction around an internal parking structure; as well as a smaller stand-alone residential building to the south of a proposed entry road. To the west there would be an additional stand-alone residential building adjacent to a parking garage with the first few floors designated for mall customer parking and the top floors reserved for residents only. A preliminary Site Plan is shown in Figure 6. Additional preliminary project characteristics are outlined below. Figure 6: Proposed Site Plan c • Residential (Al a w Fitness f Amenity Wrap-style 4hikaikt. Parking - Structure Q s t r - J Fitness Center Air Retail ' a c, - • Nordstrom's Market/Cinema/ Restaurants : sn Retail ‘00, Residential(A2) " I / Standalone _ Parking r,utca 110.011' , Retail Structure Stoneridge Mall Shops 7.1P-A/ Macy's PUD-136 Workshop, Stoneridge Shopping Center Planning Commission 9 of 14 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