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PXX17-0904, 1008-1700 Stoneridge Mall Road Planning Commission <br />4 of 6 <br />building within the 10x Genomics campus. The recently approved 360-unit Stoneridge Mall <br />Apartment project will be located on a site in the southeast quadrant of the mall. <br /> <br />PROJECT DESCRIPTION AND ANALYSIS <br />The applicant requests the term of the DA be extended for another year to December 2024, <br />plus a City Manager option to extend the DA for one additional year until December 2025, <br />subject to the completion of performance milestones related to the Stoneridge Mall <br />Framework. The proposed Fifth Amendment and the existing agreements are attached as <br />Exhibit A and Exhibit B, respectively. The proposed Fifth Amendment does not allow for any <br />additional development beyond that identified in the existing agreement and continues to <br />require all new commercial projects be subject to Planning Commission Design Review <br />approval administered at a public hearing.1 <br /> <br />Figure 1: Stoneridge Shopping Center and Surrounding Land Uses <br /> <br /> <br />Since the last extension of the DA was approved in 2021, the effects of the COVID-19 <br />pandemic have continued to affect the overall retail and commercial development market, and <br />although there has been some recovery, it is not yet complete. The applicant has indicated <br />they need additional time to evaluate these changes in the retail climate and how to best <br />proceed with expansion of the shopping center to remain competitive and meet current market <br />demands/trends that have evolved over the past several years and have most likely shifted <br /> <br />1 Residential development permitted by the 4th, 5th and 6th Cycle Housing Elements is not part of the DA and is <br />subject to the Objective Design Standards and process for approval set forth in other City regulations.