Novare-intown Announces Construction Underway on Element

34-Story Condominium Will Further Enhance Tampa's Downtown Residential Experience

TAMPA, FL - (January 3, 2007) - Novare-intown Tampa Development, LLC (Novare-intown) today announced that it has closed on financing and started construction on Element, a 34-story high-rise condominium community in Downtown Tampa at 808 North Franklin Street. The development will comprise 395 residences, as well as approximately 15,500 square feet of street-level retail space. The land was purchased from TECO Energy.

"Downtown is moving quickly toward what so many in Tampa, including our Mayor and others, have envisioned: a 24-hour environment where residents can truly live, work and play," said Greg Minder, president of intowngroup, which with Atlanta-based Novare Group forms Novare-intown, Element's joint-venture developer. "In less than 24 months, Element will bring more than 500 new residents and additional retail amenities to further enhance the vibrancy of the Arts District."

Construction financing for Element is being provided by Corus Bank of Chicago, Illinois and ArCap Finance Corporation of Irving, Texas. This is the second development for Novare-intown, which also partnered on SkyPoint, a 380-unit high-rise community that is under construction just southwest of Element's site at the corner of Ashley and Polk streets. SkyPoint is currently 99% under contract, with move-ins beginning in April.

"We are excited to have started another project in Downtown Tampa," commented Jay Curran, Novare's lead developer for the Tampa market. "The city is making great strides to establish a truly exceptional urban environment downtown, and we are pleased to be a part of its development."

Element and SkyPoint will anchor an emerging Arts District neighborhood. The neighborhood has a long list of new and existing amenities which are in place, opening soon or in design. Plans are materializing for EDAW's newly-designed Riverwalk, which will pass through Thomas Balsley's grand vision for Riverfront Park (formerly Curtis Hixon Park) and a soon-to-be-redesigned Ashley Drive gateway to downtown from I-275. The park will also be home to the new Tampa Museum of Art, being designed by Stanley Saitowitz of Berkeley, California, to be completed by late 2008. New restaurants have opened in the neighborhood, including Fly and The Office (both on North Franklin Street), and Malio's is currently under construction at Rivergate Tower. Recently completed are Residences of Franklin Street and The Arlington, both fronting Franklin Street. Retail, recreation and living opportunities are all coming to this unique urban neighborhood to complement its long-standing cultural institutions, such as the Tampa Bay Performing Arts Center, Tampa Theatre and the Tampa Museum of Art.

Element will feature one- and two-bedroom residences with contemporary design, sleek finishes and rich amenities. The residences include floor-to-ceiling glass, kitchens with high-end cabinetry, stainless-steel appliances and granite countertops, large balconies, and 10-foot ceilings. Resort-style amenities include elevated terraces with swimming pools; clubrooms for entertaining and gaming; and a club-quality fitness center. In addition, residents will enjoy a robust suite of high-tech features. Ultra-high-speed Internet access will be in every home, as well as pre-wiring for satellite television. Wi-Fi and audio entertainment will be available in the clubroom and pool areas. In the lobby will be a virtual art gallery, where flat-panel monitors will serve as a digital canvas for artwork. Prices are expected to begin in the low $200s.

The sales center, located at 507 North Franklin, will open in early March, and sales will be conducted by Smith & Associates Realtors, Inc. Element is designed by the architectural firm Rule, Joy, Trammell + Rubio. The general contractor is Manhattan Construction Company. For more information, please visit the website, www.elementofyou.com.

About intowngroup
Intowngroup is a Tampa-based real estate development team focused on creating sustainable, walkable, urban infill projects in the southeastern United States. intowngroup is currently involved in several other downtown Tampa urban infill projects. For more information, visit the intowngroup Web site at www.intowngroup.com.

About Novare Group
Novare Group is a leading developer of high-rise residential communities in urban markets, with more than 5,000 condominium units under development in Atlanta, Austin, Charlotte, Nashville and Tampa. Elevating urban living to a new standard, the Company's high-rise communities feature contemporary designs, rich amenities, and cutting-edge high technology features at attainable price points. For more information, please visit the Company's Web site at www.novaregroup.com.