CHANGE IS COMING TO
CHARLOTTE'S SKYLINE!

URBAN TRENDSETTER, NOVARE GROUP,
BREAKS GROUND ON AVENUE

Charlotte, N.C. - May 17, 2005 - Today, Novare Group and RJ Griffin & Company celebrated the groundbreaking for Avenue, a 36-story high-rise condominium community to be located at the intersection of North Church and 5th streets in Charlotte's Center City. Completion of the project is expected in early 2007.

Principals from Novare Group and representatives of the city of Charlotte highlighted the continuing trend of in-town residential living while discussing the state-of-the-art building positioned uniquely in the Charlotte market. Jim Borders, chief executive officer of Novare Group, said, "We are extremely excited about Avenue and the market it will serve. Attainably priced high-rise condominiums with high-end amenities that appeal to the younger buyer are appearing in markets around the Southeast. Downtown Charlotte may be the best of all those markets for this type of product."

In anticipation of today's groundbreaking, Charlotte Mayor Pat McCrory emphasized that new residential development in Uptown Charlotte is certain to be successful given all the new attractions the city offers. "We are stimulating a vibrant 'live-play-work' environment in Charlotte," McCrory said. "Our Center City is becoming the envy of other cities all over the Southeast, and today's groundbreaking for Avenue is a prime example of what's on the horizon."

Avenue will comprise 386 one- and two-bedroom units, as well as 10,000 square feet of street-level retail space. Prices are expected to begin in the $170,000s for one-bedroom units and the $270,000s for two-bedroom units. Features include sleek, contemporary architecture with floor-to-ceiling glass walls, kitchens with granite and stainless steel, 10-foot ceilings, 24-hour concierge, ultra-high-speed Internet access, reserved parking and upscale fitness and social centers. More information on the project is available at www.avenueuptown.com.

The general contractor selected for the project is R.J. Griffin. Architectural firm Smallwood, Reynolds, Stewart, Stewart and Associates designed Avenue, and financing providers are Empire Financial Services, Inc. and Merrill Lynch Capital.

In related news, Novare Group has announced that marketing and sales for Avenue will be managed through Cottingham-Chalk's new Developer Services Division to be headed by Charlotte residential real estate expert Wendy Field.