NOVARE GROUP OPENS AVENUE CONDO TOWER

New Urban Lifestyle Comes to Charlotte As Residents Begin Moving in to Landmark Residence in Charlotte’s Fourth Ward

Charlotte, N.C. - (November 7, 2007) - Novare Group, one of the leading developers of high-rise urban residential communities in the United States, today cut the ribbon on Avenue, its first residential high-rise tower in Charlotte. The 36-story condominium is situated at the corner of 5th and Church Sts. in the heart of Uptown Charlotte.

Residents have started to move into the building and Novare Group anticipates more than 200 buyers will close on homes by year’s end. Novare Group expects Avenue will be at 60 percent occupancy by Jan. 1, 2008, which would be consistent with move-in patterns at Novare’s other completed projects.

?Avenue is currently the tallest residential tower in Charlotte, with clear-day views of Grandfather Mountain. Avenue is Novare Group’s first project in the Queen City; however, the developer has already commenced work on a new mixed-use residential community, Catalyst, in Charlotte’s Third Ward.

"It is a landmark day for Novare Group and a landmark day for Charlotte as we open this impressive building," said Tony Skillbeck, president of Novare Carolinas Development. "The urban lifestyle has fully arrived in Charlotte and Avenue residents will be able to take advantage of all that is here and coming to our great city."

Avenue residents will be steps away from the commerce, culture and nightlife of Uptown Charlotte, and they will also be able to take advantage of numerous amenities such as a health 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, Internet stations, a working bar and comfortable seating. Residents will also experience the convenience of 24/7 concierge service, controlled access and reserved parking and 6,700 square-feet of street-level retail space.

Homes in Avenue enhance the urban living experience through stylistic touches including sweeping floor-to-ceiling windows, large balconies, soaring 10-foot ceilings, contemporary kitchens with granite countertops and stainless steel appliances and high-tech features such as ultra-high speed Internet access and pre-wiring for surround sound.

More information about Novare Group and its projects in Charlotte and across the Southeast is available at www.novaregroup.com.

ABOUT NOVARE GROUP
With a focus on creating great urban experiences, Novare Group Holdings, LLC is a leading developer of cutting-edge, mixed-use high-rise communities in U.S. urban markets. Since its founding in 1992, Novare Group has completed more than 3,500 condominium homes and currently has more than 3,000 condominium homes under construction. The company has also developed or acquired more than 1.1 million square feet of office space and 180,000 square feet of retail space. In 2006 Novare Group launched TWELVE® Hotels & Residences, which pairs boutique hotels with attainablypriced condominium residences. Headquartered in Atlanta, Novare Group has development projects in Atlanta, Austin, Charlotte, Nashville and Tampa. For more information, visit www.novaregroup.com.