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PXXX17-0904, 1008-1700 Stoneridge Mall Road Planning Commission <br />5 of 7 <br /> <br />Figure 1: Stoneridge Shopping Center and Surrounding Land Uses <br /> <br /> <br />During portions of the time period covered by the last three extensions of the DA, the effects of <br />the COVID-19 pandemic have continued to affect the overall retail and commercial <br />development market, and although there has been some recovery, it is not yet complete . The <br />applicant has indicated they need additional time to evaluate these changes in the retail <br />climate, and how to best proceed with expansion of the shopping center to remain competitive <br />and meet current market demands/trends that have evolved over the past several years and <br />have most likely shifted again post-pandemic. Additionally, since the 2021 extension, the City <br />adopted the Stoneridge Mall Framework components document and completed the 6th Cycle <br />Housing Element update, with sites identified at Stoneridge Shopping Center among the <br />housing inventory sites that will be rezoned to allow for additional residential uses on certain <br />portions of the mall. Such sites are in addition to those properties within the Mall identified in <br />the 4th and 5th Cycle Housing Elements, one of which is the location of the Stoneridge Mall <br />Apartments project (approved in early 2023). <br /> <br />The Stoneridge Mall Framework, as adopted in January 2023, provides a conceptual land use <br />and circulation plan and policy guidance for future development/redevelopment of the <br />Shopping Center. <br /> <br />The proposed Sixth Amendment provides that the applicant shall contribute $50,000 to allow <br />for an initial six-month extension, and the applicant may agree to fund up to an additional <br />$150,000 towards the Stoneridge Mall Framework process – such funding which would be