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PUD-136, Mall Residential Project Planning Commission <br />3 of 34 <br />interconnected with the central mall building are five department stores, each located on their <br />separately owned properties, including Macy’s Men’s Store, Macy’s Women’s Store, <br />JCPenney, Nordstrom (closed since 2021), and Sears (closed since 2018 and purchased by <br />Simon Properties for future redevelopment). <br /> <br />The Stoneridge Mall is governed by a development agreement1, amended since its original <br />approval, which grants to the mall ownership vested rights to certain entitlements. In 1992, the <br />City and The Taubman Company – original owners of the Stoneridge Mall – entered into a <br />Development Agreement which granted rights to the mall to expand by approximately 178,000 <br />square feet. In January 1998, the City approved the First Amendment to the Development <br />Agreement to further increase the Stoneridge Shopping Center by an additional 202,000 <br />square feet, allowing for a total of approximately 380,000 square feet of additional floor area. <br />The City Council subsequently approved the second, third and fourth amendments to the <br />Development Agreement to extend the term through December 31, 2023. <br /> <br />Figure 1: Stoneridge Shopping Center Aerial <br /> <br /> <br /> <br /> <br /> <br /> <br />1 A development agreement is contract authorized by state law to allow a local agency and property owner to <br />enter into a long-term agreement for the development of property.