Novare Carolinas Development to Pledge $1 Million for Proposed Third Ward Park

Pledge to enhance park and support programs and special events.

Charlotte, NC - (March 1, 2007) - Novare Carolinas Development, a division of Novare Group, one of the leading developers of high-rise urban residential communities in the U.S., today pledged $1 million toward the proposed new park in Charlotte's Third Ward. The pledge will be fulfilled once the current land-swap proposal being considered by Mecklenburg County is adopted. Funds will be administered by Partners for Parks, a non-profit, nonpartisan support group that seeks to promote and enhance parks and recreation throughout Mecklenburg County and the surrounding region.

The majority of the funds will be used to enhance the beauty and appeal of the park for all visitors. Another portion will be earmarked to support programs and special events, including concerts, festivals and other such programming that would enliven the park and sustain its relevance to the entire community. A final portion of the funds will go to the general fund of Partners for Parks, enabling them to grow their endowment and serve their mission of enhancing the park system throughout the County.

Local officials have been involved with Novare Group as it has planned its pledge. "I'm excited to see Novare Group shares our vision of what Charlotte and Mecklenburg County can be and this contribution underscores the company's commitment to Mecklenburg County's quality of life," said Jennifer Roberts, chair of the Mecklenburg Board of County Commissioners. "I'm especially pleased that Novare Group recognized the need to support parks county-wide, in addition to Uptown."

We want to help establish this park as a Charlotte landmark to be enjoyed by residents and visitors," said Tony Skillbeck, president of Novare Carolinas Development. "While we are thrilled to be part of the revitalization of Third Ward with our residential projects, we want to be able to help support amenities that will be enjoyed by all residents of the community." A group will be established to oversee the uses of the pledge and will comprise key stakeholders, including local County officials, as well as representatives from Partners for Parks and Charlotte Center City Partners.

"This is a tremendous pledge, and we are grateful that Novare Group values our County's parklands as much as we do," added Joe Cogdell, chair of Partners for Parks. "We stand together with Novare Group's objectives for this contribution and are excited at the prospects ahead of us."

Novare currently has a development under way in Third Ward, with plans for approximately 1,400 condominium units in three residential towers - two high-rise condominium towers and one tower that would be developed for Novare's TWELVE® Hotels & Residences subsidiary, comprising a boutique hotel of approximately 150 suites and approximately 400 condominium units. The residential towers are planned to face the new Third Ward Park. In addition, the development will include Class-A office space, parking and street-level retail.

"We're delighted to see Novare Group become so involved in the future of Charlotte through this significant contribution," said Michael Smith, president of Charlotte Center City Partners. "Novare Carolinas Development has been an active and successful developer in Uptown Charlotte; their Third Ward development is an exciting project that will spur growth in that part of the city and have an enormous impact. We commend Novare for embracing Charlotte as a wonderful city in which to do business and for working to enhance our community. The planned park will be a destination for all Charlotteans and visitors."

Novare's first development in Charlotte, Avenue, is under construction in Uptown and rising toward a topping-out in the coming months. The 36-story high-rise, comprising 386 residences, is scheduled for completion in fall 2007 and will bring more than 6,000 square feet of retail to the neighborhood. Avenue is 97 percent under contract.