Cohen Properties, in partnership with AGM Real Estate is presenting an opportunity for sophisticated real estate investors to participate in this ground-up development. Full entitlement is anticipated in Q1 2025. Construction is scheduled for 18 months, with stabilization anticipated in Q2 2027. Upon stabilization and takeout financing, we expect to distribute 30% of the initial investor equity. We anticipate a 6% plus cash-on-cash return, averaged over the first five years of operations.