Novare Group and Atlantic Station, LLC to Develop The Atlantic Condominium in Atlantic Station

ATLANTA - May 2, 2006 - Novare Group and Atlantic Station, LLC announced today that they will develop The Atlantic, a 46-story condominium community with 10,000 square feet of street-level retail and restaurant space on 17th Street within Atlanta's Atlantic Station community.

"Atlantic Station has proven to be the most sought-after address in the city and The Atlantic introduces a new luxury high-rise residence there with unmatched amenities, unsurpassed views and timeless, exceptional architecture," said Jim Borders, president of Novare Group. "Residents will enjoy hospitality services such as valet parking, room service and housekeeping, all in the most exciting location in Atlanta"

Novare Group is noted for developing condominiums with classic building forms, distinctive contemporary architecture and rich amenities that include floor-to-ceiling glass, granite countertops, 10-foot ceilings, ultra-high-speed Internet access, reserved parking, 24-hour concierge and upscale fitness and social centers. The Atlantic features the distinctive architecture and rich amenities of previous Novare Group developments, but the target demographic group, price points and scale of amenities differ. Homes at The Atlantic will appeal to those at various life points-young professional couples, mature singles and empty nesters.

The 400 homes at The Atlantic will average more than 1,600 square feet in size, and the signature Novare design features will be augmented with large balconies, formal entries, increased storage, oversized bedrooms, fine-quality cabinetry and numerous upgrade options including limestone and marble finishes. Community amenities will include doorman services, media room and a poolside clubroom with entertainment kitchen that will increase residents' options for social interaction, activities and atmosphere. In addition, residents can take advantage of hotel-style services such as room service from an in-house restaurant and valet and housekeeping service from nearby TWELVE^SM Hotel & Residences Atlantic Station®.

"The Atlantic is an architectural testament that will become the address within the address that is Atlantic Station," said John Whitaker, AIG Global Real Estate managing director and Atlantic Station CEO. "In working with Jim and his team at Novare through the development of TWELVE, we found a like-minded approach to quality and looked forward to working together again in Atlantic Station. The Atlantic is the culmination of our work together and represents our shared vision for luxury living."

Residences at The Atlantic are expected to range from the $300,000's to the $1,000,000's and will include multi-level penthouse homes. A sales center will open this summer in the retail space at TWELVE Hotels & Residences Atlantic Station. Resident move-in is expected in 2009. For more information on purchasing a unit, visit www.theatlanticresidences.com.

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.

About Atlantic Station
Co-developed by AIG Global Real Estate Investment Corp., a member company of American International Group Inc. (AIG) and Jacoby Development Inc, the Atlantic Station® redevelopment is a 138-acre environmental redevelopment of the former Atlantic Steel Mill at the nexus of interstates 75 and 85 in Midtown Atlanta. Recently opened, the redevelopment is ultimately projected to include 12 million square feet of retail, office, residential and hotel space as well as 11 acres of public parks.