Historic Landmark to be Converted
Into Residential Loft Condominiums

NASHVILLE, April 18, 2005 - Giarratana Development and Atlanta-based Novare Group acquire the Bennie Dillon Building

Nashville, TN - April 18, 2005 - The historic Bennie Dillon Building, located at the corner of 7th Avenue and Church Street, has been acquired by a subsidiary of Giarratana Development and Atlanta-based Novare Group from Post Properties. The development team plans to convert the building's apartments into 86 loft-style condominiums.

"The Bennie Dillon Building will offer buyers a loft experience unlike anything currently in the downtown market," said Tony Giarratana, president of Giarratana Development. "The historic character of the building paired with modern conveniences provides an urban lifestyle unique only to Bennie Dillon residents."

Homes include loft-style floorplans featuring brick accent walls and terrazzo and hardwood floors. Community amenities include street-level retail, reserved parking, controlled access and fitness center.. The one- and two-bedroom units will range in price from the $140,000's to the $300,000's. Information on condominiums is available at www.benniedillonlofts.com.

The partnership between Giarratana Development, LLC and Novare Development, LLC has helped to transform Nashville's urban residential scene through the development of Viridian, a contemporary 305-unit condominium tower slated to open in 2006 at the corner of 4th Ave. and Church Street. Over 70% of residences in Viridian have been sold, just one year after the project was announced in early 2004.

"The Bennie Dillon project is an ideal complement to Viridian," said Giarratana. "The conversion of the Bennie Dillon Building into affordable loft condominiums is also consistent with the city's aggressive push to create a residential community in Nashville's urban core."

About the Bennie Dillon Building
The Bennie Dillon Building is one of Nashville's major high rise buildings of the early 20th century. Built in 1927 by George Bennie and William Dillon of Nashville, it is listed on the National Register of Historic Places. The architectural firm of Asmus and Clark designed the building. The design selected for the building was termed "Italian Renaissance Revival" based upon the building's Gothic arching at the roofline and floriated series of corbel tables. Initially developed to provide working space for doctors, lawyers, and financial companies, the Bennie Dillon Building was renovated into residential living quarters in 1984 and was completely renovated in 1999.

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 spaces in Nashville's central business district. Giarratana's recent urban residential projects include The Cumberland and Viridian.

About Novare
Novare Group is a leading developer of high-rise residential communities in southeastern U.S. urban markets, with more than 3,500 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.