A real estate company based in Danville, along with other local investors, recently paid over $10 million for an 8.4-acre parcel of land at the Stoneridge Shopping Center in Pleasanton, which includes the former Nordstrom building and a large surface parking lot.
Danville-based 300 Venture Group (3VG), a privately held real estate investment, says on its website that it acquired the land because it offers a “large-scale, infill redevelopment opportunity in a supply-constrained market”.Â
“We are actively collaborating with and seeking input from all stakeholders regarding the future use of the location including the City of Pleasanton,” Kameron Klotz, a founder and managing partner at 3VG, told the Pleasanton Weekly.
The land acquisition comes almost three years after the Pleasanton City Council outlined and approved a framework for how the Stoneridge Mall and surrounding area could be redeveloped into hundreds of housing units and a reimagined shopping center. The housing component of the December 2023 framework, according to the city, is tied to the city’s decision to include the mall area in the city’s Housing Element cycle.
According to the city’s Community and Economic Development Department, the mall framework “outlined how housing allowed under the 6th Cycle Housing Element was to be allocated among the four property mall owners and six parcels at Stoneridge”.
“It also defined a Vision Statement, Guiding Principles, and a series of Design and Placemaking Elements to be reflected in a future Framework Plan,” according to the project development status for the Stoneridge redevelopment. “The intent of the document is to provide guidance for any subsequent efforts related to the comprehensive, long-range planning of the mall.”
There has been little to no movement since 2023 on the housing efforts or other redevelopment at the Stoneridge property, which has multiple owners. Simon Property Group owns the majority of the interior mall.
“Since approval of the framework, the City has met the Stoneridge Mall property owners to discuss existing conditions and constraints at Stoneridge, understand each owners’ development interests and priorities, assess key issues to be identified as part of a master planning effort, and to discuss elements of the next steps,” according to the project’s description.
And while city officials have previously expressed concern in the lack of movement toward those redevelopment goals, which has been blamed on a number of factors, 3VG’s recent acquisition of the 8.4-acre parcel could signal a positive move forward.
According to 3VG, the company acquired the property last month. The East Bay Times broke the news Tuesday, reporting that the company, along with other investors, paid $10.7 million for the site.
It is the same group of investors that acquired the JCPenney building at Stoneridge in 2022.
Klotz said the company “capitalized on the opportunity to purchase a unique property in Pleasanton” and is currently exploring “options for use of the property”.
“3VG is currently investigating multiple solutions for the site, including retail re-use and mixed-use densification,” the company stated in its website.
