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Page - 1 - <br />Housing Commission <br />Agenda Report <br />November 17, 2022 <br />Item 04 <br />SUBJECT Review and Recommendation to City Council an Affordable Housing <br />Agreement with Stoneridge Associates, LLC for the Stoneridge Mall <br />Residential project (PUD-136) <br />RECOMMENDATION <br />Review the Affordable Housing Agreement for the Stoneridge Mall Residential Project and <br />recommend its approval to the City Council. <br />ATTACHMENTS <br />1.Draft Affordable Housing Agreement (AHA) <br />2.Inclusionary Zoning Ordinance (PMC Ch. 17.44) <br />BACKGROUND <br />The Simon Property Group (SPG), also referred as Stoneridge Associates, LLC, (the <br />“Applicant”), has submitted an application to construct 360 residential units and a new parking <br />garage exclusively serving the residents of the proposed Stoneridge Mall Residential Project <br />(“Project”). Located at 1008 Stoneridge Mall Road in Pleasanton, the Project will redevelop the <br />southeast corner of the existing Stoneridge Shopping Center by replacing a portion of the <br />existing southeast surface parking lot located adjacent to the existing parking deck of the <br />former Sears store and east of the Macy’s Women’s store with 360 residential rental units and <br />a new parking garage for the Project residents. The location of the proposed residential <br />project (APN 941-1201-94-3) is shown in the figure on the opposite page. <br />Originally constructed in the early 1980s, the Stoneridge Shopping Center, commonly referred <br />to as Stoneridge Mall, is a 1.34 million square foot mall with over 6,600 parking spaces on an <br />approximately 75-acre property. As described below, the property is one of two locations <br />within the mall that were zoned for residential development in 2012, as part of the 4th Cycle <br />Housing Element Update, with the other location in the northwest portion of the mall. These <br />two sites, and the proposed residential development, is separate and distinct from the potential <br />housing sites being considered as part of the current (6th Cycle) Housing Element update. <br />4th Cycle Housing Element (2012) Residential Rezoning <br />In the 4th Cycle Housing Element update, which was adopted and certified in 2012, the City <br />designated the mall site as one of several sites that were rezoned for multifamily residential <br />housing in order to accommodate the City’s Regional Housing Needs Allocation (RHNA). The <br />mall site already has an existing utility infrastructure and street access, and since the site is an <br />in-fill site, it can be efficiently developed without the design and construction of major new <br />public facilities or private improvements. The site is also located near public transit, has