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P22-0969, Stoneridge Mall Framework Planning Commission 3 of 6 proximate location of the site to the BART station and distance from existing residential neighborhoods. • Design and Placemaking: There was general consensus that the Mall area be designed such that it was a community and regional destination, that it be family-friendly, include adequate open spaces and play areas, and that it be a dynamic space, vibrant with a variety of land uses. • Economic Considerations: Several members of Planning Commission and City Council indicated that the feasibility of the projects, both commercial and residential, be considered, in addition to factoring in sales and property taxes. One member indicated that investment in the Mall should be incentivized. • Flexibility: After hearing comments from Mall property owners, the general consensus was to allow owners to negotiate among themselves and allow time to do so before this January meeting. Related to flexibility at the Mall, some Planning Commission and City Council members emphasized flexibility in allowable uses (e.g. to allow for the market to dictate what non-residential land uses are appropriate), and the City’s willingness to work with the property owners. Ownership Correspondence and Request The City received a letter dated December 29, 2022, attached to this agenda report as Exhibit B, identifying the desired housing allocation by three of the four ownership representatives (i.e., Simon Property Group, Macy’s/Lowe and 300 Venture Group which in total comprise approximately 89-percent ownership of land, by acreage, at Stoneridge Mall. SHPR Investments, LLC, which represents ownership of the former Nordstrom parcel is not party to this letter). A vision statement and guiding principles, agreed upon by the three ownership entities, dated January 3, 2023, are also part of Exhibit B. The contents of the letter and attachment are summarized as follows: • Housing Allocation: Each of the existing six legal parcels receive a housing unit allocation of 150 to 240 units, based on a density of 50 to 80 du/ac on approximately three acres of land per parcel. This allocation does not include the application of the State Density Bonus, which could increase the total unit count by up to 50-percent, to a range of 1,350 to 2,160 units. • Vision Statement: The Vision Statement includes concepts such as Stoneridge1: (1) continuing to be a community destination and a strong economic contributor; (2) evolving to be a vibrant mixed-use community with a variety of land uses that are integrated and well-connected and multi-modal circulation system; and (3) including public and private gathering spaces and placemaking amenities . • Guiding Principles: The Guiding Principles include concepts related to the long-term economic viability of the site, both a community and regional destination, a center for job opportunities and other economic contributions, the integration of a variety of land uses, well-planned pedestrian, bicycle, and vehicular circulation, integrated and connected neighborhoods, an area for community gathering and civic opportunities, an integrated parking system, equitable distribution of affordable housing among the landowners, future land use planning to include contemplation of uses and densities while recognizing economic market factors and private agreements, and the possibility 1 The language used by the three ownership entities uses the term, “Stoneridge,” in acknowledgement that future uses at the Mall area will be more varied than the only commercial uses that exist today.