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Across the country regional mall owners are facing similar challenges and seeking new opportunities to diversify their traditional, retail-focused land use and offerings — often with complementary uses such as housing and non-retail employment. And, within the retail sphere, these centers are seeking to create new and different experiences and attractions to draw patrons, including newly-created outdoor spaces, "lifestyle" uses such as gyms and movie theaters; and upgraded dining options. Many of these redevelopments take advantage of what is a currently underutilized asset — large sites, with many acres of land dedicated to surface parking, positioned close to regional highways and transit —to accommodate these uses. At Stoneridge Mall, some efforts to diversity land use have already been made. In the 2012 (4th Cycle) Housing Element, two areas of Simon's property, totaling 10 acres, was designated for high-density housing. An application for a 360-unit housing project at the southeast quadrant of the mall is currently under review, as allowed by the zoning. And, in 2019, Simon received Design Review approval for a redevelopment of the former Sears building and parking deck with an expanded, outdoor-oriented commercial development focused around a central green space. While that project is currently on hold due to economic uncertainty, Simon has expressed its ongoing interest in pursuing this project or a similar type of redevelopment in the future and making new investments that can help secure the long-term viability of Stoneridge Mall's retail core. 6th Cycle Housing Element On July 19, 2022, the City Council recommended the Draft 6th Cycle Housing Element be forwarded to the State Department of Housing and Community Development for review. The Draft Housing Element identifies 25 sites that may be considered for re- zoning to allow housing. Stoneridge Mall was identified in community surveys and in Commission and City Council discussions as a strongly-preferred site for new housing, and the Draft Housing Element currently includes an estimated 900-1,440 housing units (up to 18 acres, at 50-80 dwelling units per acre) at the mall, with the distribution of those units to be determined. While the site inventory and planned housing numbers may get refined during the Housing Element process or as part of the Framework effort, there appears to be strong support for continuing to include this site in the inventory. The Housing Element is anticipated to be adopted by April/May 2023, providing an approximately 6-8 month timeframe during which progress can be made on the Framework, and with it the opportunity to create a more refined set of policies and a broader land use and circulation concept that will help to guide future housing development at Stoneridge Mall. Basis for Framework Plan Effort In addition to the in-process and entitled new projects at Stoneridge Mall, the City has continued to engage with various of the owners about opportunities for development and redevelopment of parking areas and currently vacant major anchor buildings. There have also been some ownership changes for mall properties, with sale of the Nordstrom property earlier this year; and acquisition of the Sears property by Simon several years ago; the JC Penney property, which was sold a few years ago, was acquired in July 2022 by a new owner. Page 3 of 8