Avenue Tops Out In Charlotte

Charlotte, N.C. - (April 27, 2007) - Novare Group, one of the leading developers of high-rise urban residential communities in the United States, and general contractor R. J. Griffin & Company, held a ceremony today to celebrate the "topping out" of Novare's 36-story residential tower, Avenue. A topping-out occurs when the last beam of structural steel is put in place atop a skyscraper.

Situated on Church Street between Fifth & Sixth Streets, the new feature in Charlotte's skyline is on schedule for its first move-ins this fall. When completed, the tower will include 386 one- and two-bedroom homes, as well as 6,000 square feet of street-level retail space, helping create a new living experience in Charlotte's Fourth Ward.

"We applaud Novare Group for their ongoing commitment to Charlotte and R.J. Griffin for a job well done," said Mayor Pat McCrory. "Together, they are helping to create a vibrant urban experience in Uptown Charlotte that further establishes the city's reputation as one of the country's best places to live, work and raise a family."

"We are pleased to complete the structure of this building and congratulate R.J. Griffin's team for all their work," said Novare Group President Jim Borders. "Avenue's residents will enjoy an outstanding quality of life, incredible views and a location in the heart of one of America's greatest cities."

"We are extremely proud of our subcontractors for the excellent job they have done on this landmark project. We are also thankful for the opportunity to work with the Novare Group on their first of hopefully many Charlotte projects," said Group Manager Scott Grigg, R. J. Griffin & Company.

Avenue's one-bedroom and two-bedroom homes will include many of Novare Group's well-known amenities and stylistic touches, including floor-to-ceiling glass, large balconies, 10-foot ceilings, kitchens with granite countertops, stainless steel appliances and high-tech features such as ultra-high speed Internet access and pre-wiring for surround sound. Community amenities will include a club-quality fitness center with aerobic and weight areas overlooking uptown, resort-style pool deck with outdoor living room and fireplace, and poolside clubroom with high-definition plasma TV's. Residents will also experience the convenience of 24/7 concierge service, controlled access and reserved parking. There are a limited number of spacious two-bedroom homes still available at Avenue. More information on the project is available at www.avenueuptown.com; the sales center is located at 500 W. Fifth Street, Suite 120.

Currently, Avenue is the tallest high-rise condominium tower in Charlotte. From its highest floors, Grandfather Mountain can be spotted on a clear day.

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.