LONG-TIME CHARLOTTE DEVELOPER TONY SKILLBECK TO HEAD NOVARE CAROLINAS DEVELOPMENT

NOVARE GROUP OPENS CHARLOTTE OFFICE

Charlotte, NC - March 6, 2006 - Novare Group has named Tony Skillbeck to head its new Charlotte office, located at 201 North Tryon Street in Uptown, as president of Novare Carolinas Development, LLC. Novare Group is currently developing two projects in Charlotte's Center City: Avenue, a 36-story high-rise condominium and TWELVESM Hotel and Residences Charlotte, a boutique hotel and condominium residence which was announced in February.

Novare Group wanted a permanent office in Charlotte because it is a thriving market in the Southeast with tremendous growth potential. "Charlotte continues to present excellent market opportunities for us," said John Long, chief investment officer, Novare Group. "We are committed to expanding our presence in Charlotte beyond our existing projects. Establishing a permanent office to oversee the day-to-day operations is a key component to our growth here. We are very proud that Novare Carolinas can call Charlotte its home city, and we are committed to being a good corporate citizen of this community."

Tony Skillbeck has been active in Charlotte real estate development since coming to the city in 1983, when he joined Faison Associates. At Faison he oversaw numerous construction and development efforts, including high-rise projects, mixed-use developments, large retail projects and hotels, among others. In 1998 he began work with the St. Joe Corporation, where he was a member of the senior management team and helped execute the famed Watercolor development on the Florida Panhandle. Later he worked independently on large-scale projects, including an extensive renovation and construction plan at Washington & Lee University, as well as a large project for Carilion Health Systems. In 2003 he assumed duties as acting president for the Trump Group in Fort Lauderdale, where he was responsible for the ongoing design and construction of a 51-story high-rise condominium/hotel project (Acqualina), including design management, construction management, hotel operator negotiations, local government negotiations, interface with sales team and employing and growing a team for the execution of subsequent development opportunities. He began his real estate career as a construction manager with Australia-based Lend Lease Corporation.

"Tony joins Novare Group with a proven track record in the development industry," said Jim Borders, president of Novare Group. "His integrity, leadership and experience managing major development projects are exactly what we were looking for in selecting someone to head our efforts in a growth market such as Charlotte."

Skillbeck will serve as the primary point person in the Queen City and will manage Novare's development projects along with the Novare developer for the Charlotte market, Conor McNally. "Novare Group has a forward-thinking development approach. Their dedication and commitment to Uptown Charlotte and creating great urban places is something that attracted me greatly," Skillbeck said. "They continue to develop significant, innovative projects in major urban areas, and I am excited to be part of such a well-respected company. I have enjoyed being in Charlotte over the past 20 years, watching it evolve into a great city and I look forward to building off that foundation in the years to come."

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