415 and 411 Westlake Avenue are located on Westlake Avenue, South Lake Union’s “Main Street.” They comprise approximately 19,440 square feet of developable land, with a planned development program consisting of 342 multi-family units in 452,000 square feet of above grade and below grade development capacity. The owners have begun the entitlement process seeking to preserve development options for a potential Purchaser, which have included completing the first Early Design Guidance (EDG) round of the City of Seattle’s Master Use Permit (MUP) process, as further described in the Development Opportunity section of this memorandum.