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affordability. The Draft 2023-2031 (6th Cycle) Housing Element reviewed by the Planning Commission and City Council in December 2022 contemplates between 900 and 1,440 units at Stoneridge Mall within approximately 18 of the total approximately 75 acres, with a density range of between 50 to 80 dwelling units per acre (du/ac). Some members of Planning Commission and City Council thought the maximum number of units (i.e., 1,440 units) should allow for additional units pursuant to density bonus law, while others thought the upper limit of the range should be adjusted to be lower (and potentially increased upon future conversations with property owners and negotiations among property owners), such that the total number of units inclusive of density bonuses would be no more than (or close to) 1,440 units. The preliminary traffic analysis indicated potential for increased congestion with development of more than 1,440 units, which was of concern to some; others commented that the number of units contemplated for purposes of the Housing Element be increased to the maximum possible, after weighing constraints such as traffic and circulation impacts, due to the 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 is 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 the mall property owners, the general consensus was to allow owners to negotiate among themselves 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 Attachment 2, 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 Attachment 2. 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 Page 3 of 11