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