Construction Begins on SkyPoint With Novare-intowngroup June 14 Groundbreaking

Tampa, Florida - June 14, 2005 - Novare-Intown Tampa Development, LLC ("Novare Group-intowngroup") announced today that Downtown Tampa's first high-rise condominium, SkyPoint, will officially break ground on Tuesday, June 14 at 11:15 a.m. with Mayor Pam Iorio presiding.

The 32-story, 380-unit building at 777 Ashley Drive will feature one-and two-bedroom units with prices starting in the $170s to the $400s.

"We are excited to join in the renewal of urban living in Tampa," said John Long, chief investment officer, Novare Group Holdings, LLC. "Tampa is a great city, and Novare Group is pleased to have the opportunity to work with intowngroup to bring a unique brand of residential high-rise living to Downtown."

Construction of SkyPoint by general contractor R.J. Griffin is underway with occupancy slated for late 2006.

"Downtown Tampa's skyline will soon be transformed as SkyPoint begins to take shape in the months ahead," said Greg Minder, president, intowngroup. "With its strong appeal to young professionals seeking a premier residence with top-notch service, advanced technology and modern design, SkyPoint has created great anticipation. We expect to have the first 100 units under contract by groundbreaking."

The contemporary building will contain one- and two-bedroom units with the amenities for which Novare Group is known, including floor-to-ceiling glass, large balconies, 10-foot ceilings, kitchens with granite and stainless steel, and high-tech features such as ultra-high speed Internet access and pre-wiring for surround sound, ambient audio and satellite television.

Community amenities will include 24-hour concierge services, virtual art gallery, plasma TVs, controlled access, and reserved parking. SkyPoint's Premier Sky Club will feature a fitness center with aerobic and weight areas, elevated terrace with grilling areas, and outdoor pool with sundeck and Wi-Fi hot spot. Over 10,000 square feet of street-level retail will provide convenience for residents, as well as for those who work in the immediate area.

Project information about SkyPoint is available at the marketing center, located at 400 N. Tampa Street, Suite 110. The marketing center features a full-scale, furnished model and is open Monday - Friday from 10 a.m.-7 p.m., Saturday 10 a.m. - 6 p.m. and Sunday from Noon - 5 p.m.

The development of SkyPoint is a joint venture of Novare Group Holdings, LLC and Tampa's intowngroup. Award-winning Novare Group is a private real estate development and investment company based in Atlanta, Ga. Founded in 1992, the company has a distinguished history of development in both the office and residential sectors. Novare concentrates on the development of high-rise, mixed-use condominiums and is among the most active real estate developers in the Southeast, with more than 3,500 condominium units in development. Novare's communities have been received with great excitement and have served as catalysts for the re-vitalization of urban living. For more information, visit the Novare Web site at www.novaregroup.com.

Intowngroup is a Tampa-based real estate development team focused on creating sustainable, walkable, urban infill projects in the southeastern United States. Intowngroup is currently involved in several other downtown Tampa urban infill projects. For more information, visit the intowngroup Web site at www.intowngroup.com.

SkyPoint is being marketed exclusively by Smith & Associates Realtors, Tampa. For more information about SkyPoint, visit www.skypointcondos.com or call (813) 514-4145.