10 ATTACHMENT 8 - Laserfiche WebLink

City Council January 18, 2022 Page 3 acres of existing surface parking. (Id.) Thus, total assumed development capacity at Stoneridge is 810 to 1,350 units. (Id.) We encourage the City to study and adopt a residential density at the high end of the proposed density range or greater, to maximize the efficiency of Type V and Type III construction standards, and to allow for the most flexible designs, which will increase the likelihood that projects will be built. Based on conceptual plans, Macy's and Lowe anticipate that at least 80 to 90 dwelling units per acre would be required to produce an economically feasible project with the appropriate mix of residential units and retail square footage. Accordingly, the City’s CEQA document should analyze a sufficiently high residential density at Stoneridge to account for a realistic future development, and it should include a buffer to account for any additional density that may be incorporated later in the Housing Element Update process. We also request that the City clarify how the proposed residential densities will apply at Stoneridge. For example, while it is appropriate to assume that residential development would occur on the parking field for purposes of RHNA, the City should not limit new residential development to the 18 acres of surface parking. A future mixed-use project could involve both the surface parking and portions of the existing shopping center footprint. The City should also clarify that the new density allocation at Stoneridge for the 6th Housing Cycle is in addition to the residential density allocated to Stoneridge during previous housing cycles. We understand that the density issues will require further evaluation and discussion, and we look forward to working with City staff and decisionmakers as the Housing Element Update and rezoning proceeds. 3. Future Parking Requirements for Stoneridge The Preliminary Sites Inventory notes that “future projects” at Stoneridge “would include the requirement to relocate any eliminated surface parking within new parking structures.” (Inventory, p. 6.) We agree that parking will be an important component of any proposed redevelopment at Stoneridge. As part of the future rezoning process, however, we request that the City study and update the parking requirements for commercial and high-density residential uses at Stoneridge. We believe reduced parking ratios may be