Novare Group and AIG Global Real Estate Break Ground on The Atlantic

First luxury residences in Atlantic Station®, 46-story addition to Midtown Skyline

Atlanta, GA - (March 21, 2007) - Novare Group, the Atlanta-based developer of high-rise condominiums in U.S. urban markets, and AIG Global Real Estate broke ground today on The Atlantic, a 46-story, 401-residence high-rise condominium tower. The Atlantic will also include nearly 10,000 square feet of street-level retail along 17th Street in Atlanta's Atlantic Station® community.

This is the first luxury residential tower within Atlantic Station. When complete, The Atlantic will, for the present, be the tallest building in Atlantic Station and one of the tallest in the city.

"The Atlantic, at 46 stories above 17th Street, is our best work yet," said Jim Borders, president of Novare Group. "Purchasers will appreciate its luxury, value and unmatched views of midtown and downtown."

The Atlantic's design features a distinctive Art Deco style, reminiscent of an era of opulence and luxury. This is the second Novare Group development to target luxury buyers. Homes at The Atlantic will appeal to those at various life stages, including young professionals, mature singles and empty nesters.

The one-, two- and three-bedroom homes at The Atlantic will average more than 1,600 square feet in size, and the signature Novare design features will be augmented with large balconies, increased storage, formal entries, oversized bedrooms, fine-quality cabinetry and numerous upgrade options including limestone and marble finishes in the kitchen and bath areas.

The Atlantic's amenities will include doorman services, a large private screening room and a poolside clubroom featuring an entertainment kitchen to increase residents' options for social interaction. In addition, residents of The Atlantic will also be able to take advantage of hotel-like services, such as room service from the planned lobby-level restaurant, in addition to porter and housekeeping service from TWELVE® Hotel & Residences Atlantic Station, located across the street.

"As the development of Atlantic Station continues, the addition of The Atlantic offers a new level of luxury home ownership to people seeking to be a part of the Atlantic Station community," said John Whitaker, AIG Global Real Estate managing director and Atlantic Station CEO. "The Atlantic represents AIG Global Real Estate and Novare Group's shared vision for a luxury residential anchor and icon on Atlantic Station's premier boulevard."

Designed by Smallwood, Reynolds, Stewart, Stewart and Associates and constructed by R.J. Griffin, residences at The Atlantic range from the $300,000s to the $1,000,000s and will include multi-level penthouse homes. The Atlantic sales center is located in the retail space at TWELVE Hotels & Residences Atlantic Station at the corner of 17th and State Streets. Resident move-in is expected to occur in Fall 2009. For more information, visit www.TheAtlanticResidences.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.

About Atlantic Station
AIG Global Real Estate's Atlantic Station® is a 138-acre environmental redevelopment of the former Atlantic Steel Mill at the nexus of interstates 75 and 85 in Midtown Atlanta. Recently opened, the redevelopment is ultimately projected to include 12 million square feet of retail, office, residential and hotel space as well as 11 acres of public parks.