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159819421.3 December 29, 2022 Via Email Ellen Clark, Planning Manager City of Pleasanton 200 Old Bernal Avenue Pleasanton, CA 94566 Re: Stoneridge Mall Framework Plan & Draft 6th Cycle Housing Element Dear Ms. Clark: This letter is submitted by Simon Property Group, Macy’s/Lowe and 300 Venture Group, and their affiliates, who collectively represent ownership of 89% of the land comprising the Stoneridge Mall in Pleasanton. As owners of 89% of the mall, we are speaking to you with one voice in offering the following comments on the current Stoneridge Mall Framework Plan efforts and the City’s Draft 6th Cycle Housing Element. In response to feedback provided by the City Council during the December 15th hearing regarding the Stoneridge Mall Framework Plan, we are submitting an equitable proposal for allocating housing units at the Stoneridge Mall, which we all strongly endorse. As you know, there are six legal parcels at Stoneridge, all of which have significant areas of undeveloped parking lots, and all of which are included in the draft Housing Element reviewed by HCD. Accordingly, we propose that each parcel receive an equal allocation of 150-240 units (e.g., 50- 80 units on three acres of land). Unlike the “scattered development” proposal of 288 units over only five of the parcels, this proposal evenly and equitably distributes the units among all six parcels. We also will be soon submitting a set of proposed Guiding Principles for redevelopment of Stoneridge, similar in content to what staff has already proposed. An essential element of such Guiding Principles would be an acknowledgement by the City that the Housing Element allocation by parcel is an initial allocation, and that the ultimate Framework Plan and rezoning likely will include an adjustment of parcel lines and/or a transfer of housing units between parcels to facilitate orderly development and maximize opportunities for Stoneridge to maintain and enhance its ability to be a community destination for housing, shopping, dining, work and play. We also urge the City Council to adopt the density range included in the draft Housing Element reviewed by HCD and studied in the EIR, at 50-80 units to the acre. Such density will provide the economic incentive for the owners to work together to agree upon a plan that is feasible not ATTACHMENT 2