Laserfiche WebLink
<br /> <br /> <br /> <br /> <br />ECONOMIC VITALITY COMMITTEE REPORT <br /> <br />2 <br /> <br /> <br />February 20, 2025 <br />Community Development <br /> <br /> <br />TITLE: RECEIVE UPDATES ON STONERIDGE MALL PLANNING & CURRENT <br />MALL ACTIVITIES <br /> <br /> <br />BACKGROUND <br />In August 2023, the City Council adopted the updated Economic Development Strategic <br />Plan (EDSP) which the Economic Vitality Committee uses as the foundation for its work. <br />The plan comprises of 5 Implementation Plan Priorities: <br /> <br />1.0 Economic Development Capacity Building <br />2.0 Business Retention, Expansion & Attraction <br />3.0 Local Revenue Growth <br />4.0 Entrepreneurship & Innovation Outreach <br />5.0 Major Projects Accelerator Program <br /> <br />There are specific actions items under 3.0 Local Revenue Growth and 5.0 Major Projects <br />Accelerator Program that are related to the Stoneridge Shopping Center: <br /> <br />3.1 Expand Citywide Retail and Tenant Support Program <br /> <br />5.0 Major Projects Accelerator Program <br /> <br />The EVC received an update on the citywide retail initiative at the December 19, 2024, <br />meeting which provided an overview of the retail landscape and opportunities within <br />Pleasanton. As noted in that presentation, over the last several years the City has faced <br />increasing competition for retail and commercial development from surrounding <br />communities compounded by the effects of a global pandemic. It was noted that <br />reinvestment in some retail centers was necessary to achieve healthy sales. The <br />Stoneridge Shopping Center (Stoneridge Mall) is a major redevelopment opportunity, and <br />the goal of these priority areas is to sustain Pleasanton’s economic health and long-term <br />resilience, so that it can continue to provide high-quality public services and amenities. <br /> <br />The Stoneridge Mall planning area consists of approximately 75 acres spread across six <br />parcels located within Stoneridge Mall Road. Four separate owners control the properties, <br />with Simon Property Group (SPG) being the largest single owner. Construction of the <br />Stoneridge Mall began in 1979 with stores and the parking structure being added over <br />time. The central mall building has a variety of retail shops, restaurants, and service <br />businesses. No new development has occurred at the mall since 2005. <br />