Viridian Sells Out Six Months Before Doors Open

Downtown's First High - Rise Condominium Achieves 100-Percent Sell Out

Nashville, TN - February 8, 2006 - Viridian, downtown's first high-rise condominium and the largest residential property to date in the central business district, is now 100-percent sold six months before its projected construction completion date.

All of the tower's 305 units are under contract. The $70 million, 31-story high-rise, which is located at 415 Church Street adjacent to the historic L&C Tower, will officially open its doors and become home for hundreds of new downtown residents this Fall.

"This is truly a remarkable day for Nashville," said Tony Giarratana of Giarratana Development, LLC. "The newly redeveloped Church Street will soon be bustling with residents. In turn, businesses, restaurants, music and cultural venues will thrive! Urban living in Nashville is now a reality."

Giarratana Development partnered with Novare Group to build Viridian. The high-rise contains one-bedroom, two-bedroom and penthouse units. Prices for the homes ranged from the $130,000s to the $400,00s, with penthouse units approaching $1 million. Giarratana and Novare worked with the Metropolitan Development Housing Agency (MDHA) to make 61 of the units available to households earning less than 80 percent of the area median income. Viridian's affordable housing component supports Mayor Bill Purcell's quest for diverse and economical residential development in Nashville's urban core.

"The success of Viridian is a testament to the Mayor's vision," said Giarratana. "This development has given everyone a chance to realize the urban lifestyle in Nashville. For the first time in a long time, hundreds of residents will be able to call downtown their home."

Giarratana and Novare attribute much of the success of Viridian to its amenities and conveniences. For instance, Viridian's new residents will be able to start each day with a spectacular skyline view of downtown through their floor-to-ceiling windows. They will also have access to a rooftop pool, club room and fitness center, reserved parking spaces for themselves and additional parking for visitors as well as an H.G. Hills urban grocery store on the ground level.

Viridian is the first of several residential projects that are reshaping Nashville's skyline. Signature Tower, a $220 million, 55-story residential skyscraper, will be built one block down from Viridian, rising from the corner of 5th Avenue and Church Street. Encore, a high-rise to be located adjacent to the new Schermerhorn Symphony Center, will be SoBro's first residential development and is another joint venture between Giarratana Development and Novare Group. Other recent downtown projects include the conversion of the Bennie Dillon building into loft apartments and the conversion of The Cumberland apartments into condominium penthouses.

For more information on Viridian, visit www.viridiannashville.com.

About Giarratana Development, LLC
Giarratana Development, LLC is a real estate development company based in Nashville, Tennessee. The company has extensive experience in residential and commercial development throughout Nashville, including downtown and surrounding neighborhoods, and through its Premier Parking affiliate owns or operates over 2,000 parking spaces in Nashville's central business district. In addition to Viridian, Giarratana developed The Cumberland, a 289-unit apartment building located at 555 Church Street and has partnered with Novare Group to convert the 86-unit Bennie Dillon apartments to condominiums.

About Novare Group
Novare Group is a leading developer of high-rise residential communities in southeastern U.S. urban markets, with more than 5,000 condominium units under development in Atlanta, 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.