NOVARE GROUP AMONG NATION'S TOP BUILDERS

'BUILDER' names Atlanta-based multifamily innovator among its top 100 - signaling Novare's emergence as one of the country's leading developers

Atlanta, GA - (May 10, 2007) - Novare Group, a leading developer of high-rise condominiums in U.S. urban markets, has for the first time been named among America's top 100 builders by Builder magazine.

Novare, the developer behind innovative condominium projects like The Atlantic, Gallery and Viewpoint in Atlanta, 360 in Austin, Texas, and Element in Tampa, Fla., ranked No. 77 in the magazine's annual list, which is based on the total number of homes closed in the previous year.

This is the first year Novare has ranked on the Builder 100 list, a signal of Novare's fast emergence as one of the leading housing developers in the U.S. The company narrowly missed being ranked in last year's list, coming in at No. 107.

Novare joined other noted metro Atlanta builders on this year's list, including Beazer Homes USA (No. 7), Morrison Homes (No. 19), Ashton Woods Homes (No. 37), McCar Homes (No. 39), Bowen Family Homes (No. 48), Scenic Homes (No. 54), John Wieland Homes and Neighborhoods (No. 56) and Wood Partners (No. 90).

"We had an outstanding year that was enhanced by our starting closings on Viridian in Nashville, which was our first community to deliver outside of Atlanta," said president Jim Borders.

Novare since 2002 has sold or placed under contract more than 4,000 high-rise condominium homes, meeting the demands of consumers in newly urbanizing markets like Atlanta, Austin, Charlotte, Nashville and Tampa.

Novare Group has become well known across markets for its amenities and stylistic touches, including floor-to-ceiling glass, large balconies, 10-foot ceilings, kitchens with granite countertops and stainless steel appliances, as well as high-tech features such as ultra-high speed Internet access and pre-wiring for surround sound. Novare's community amenities include club-quality fitness centers, resort-style pool decks and club rooms with high-definition plasma TVs.

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