Twelve design students, $200 worth of fabric, 16 hours to create the finished product, $3,000 worth of scholarship money, and one color: Red.

The third annual Project Red Dress competition is on Friday June 4 at the Fairmont Olympic Hotel, the same gorgeous setting as last year’s smash success show. The evening begins with cocktails at 6:30; the fashion show is at 7:30. Tickets are available here.

While the stakes are high for the designers (Project Runway fav Nick Verreos will once again be among the judges critiquing their work, and in addition to the prize money, winners will also land an internship spot with Luly Yang and space on the pages of Seattle Met magazine), there’s plenty for audience members like you to get excited about as well.

Among this year’s raffle prizes: a Hawaiian getaway.

And then there’s the community at large. Proceeds from Project Red Dress benefit the American Heart Association.

What should you wear? Red, of course.