360 Breaks Ground in Downtown Austin

New Residential Tower Will Transform Austin's Skyline, Bring 432 Condo Units Downtown

AUSTIN, Texas - June 20, 2006 - Novare Group Holdings, LLC and Andrews Urban LLC officially broke ground on 360 Condominiums today in what was once an abandoned parking lot at the intersection of Nueces and Third Streets.

More than 50 political, downtown, community and civic leaders attended the groundbreaking ceremony, which featured remarks by Austin Mayor Will Wynn and Downtown Austin Alliance Executive Director Charlie Betts, as well as Andrews Urban President Taylor Andrews, Novare Group President Jim Borders and Novare Group Developer Billy Holley.

The building, a 44-story condominium tower, will feature 432 residential units and approximately 13,500 square feet of street-level retail space, including restaurant space. The 580-foot-tall tower will be one of the tallest buildings in downtown Austin and a prominent addition to the skyline.

"360 will increase accessibility to the urban living experience in downtown Austin," said Taylor Andrews, president of Andrews Urban. "Our goal is to develop a stunning tower that's an artful addition to downtown and offers residents elegant living spaces, ample parking and an urban lifestyle at their doorstep, all at more attainable prices."

Located at 360 Nueces Street, the development will feature sleek, contemporary architecture with a lighted glass spire facing Town Lake, limestone accents at street level and decorative metal panels.

Inside, each unit will include spacious layouts, floor-to-ceiling glass walls, kitchens with granite and stainless steel finishes, 10-foot-tall ceilings, ultra-high-speed Internet access, TV monitors in elevators, 24-hour concierge services and a prominent lobby featuring a virtual art gallery that digitally displays art on plasma screens.

360 will also offer a resort-style amenity deck, complete with a full-sized pool that features an outdoor living room with a fireplace, cabanas and outdoor grills; an upscale fitness center with advanced cardio equipment with West Austin views; a social center that includes a kitchen, Internet kiosks, and a plush entertainment area featuring plasma screen TVs; and lush landscaping.

360 will anchor a growing area of downtown with walking proximity to popular amenities and retailers such as the Town Lake and Shoal Creek hike and bike trails, Whole Foods Market, BookPeople, the Warehouse District, the Second Street retail district, Austin Music Hall, La Zona Rosa and Austin City Hall, plus the future Lance Armstrong Bikeway, commuter rail and the Seaholm development.

"We chose the name '360' because of its highly recognizable connection to Austin, the incredible surrounding views of downtown, Town Lake and the Hill Country, and because of the full life experience that will surround the building's residents," said Andrews.

In keeping with the theme of 360, Novare-Andrews Urban has chosen "Life Surrounds You" as the building's message to buyers through its marketing materials and its new Web site, www.LifeSurroundsYou.com, where interested homebuyers can register for more information, and will soon be able to view amenities and unit floor plans.

"Austin is an educated and energetic community with a unique downtown that's embracing the new urbanism concept. There's a real opportunity for mixed-use residential communities like 360 to continue to transform Austin's downtown," said Novare Group President Jim Borders. "When Taylor brought this project to us, we embraced the opportunity. We are very fortunate to be teaming with him and to be developing in Austin."

Sales for 360 are expected to begin in late 2006 with occupancy anticipated for the fourth quarter of 2007. Novare Group anticipates pricing for a one-bedroom unit starting under $200,000 and for a two-bedroom unit starting under $300,000. "This type of urban infill, transforming abandoned spaces into functioning residential and retail units, is exactly what downtown Austin needs to continue to develop into the vibrant urban core of the city," said Austin Mayor Will Wynn. "We're excited to see downtown living becoming a more and more attainable reality."

Novare Group, one of the leading high-rise real estate development firms in the Southeast U.S., announced with Andrews Urban that it would enter the Austin market in August 2005 and has since received support for the development from organizations ranging from the Austin Zoning and Planning Commission and the Downtown Austin Alliance to the Austin Parks Foundation and the Austin Neighborhoods Council.

Novare Group has built a strong track record in the development of new residential high-rise communities and mixed-use projects in several U.S. city centers with growing downtown populations. The company develops condominiums with amenities and features that appeal to urban homebuyers at price points typically starting under $200,000. Novare has similar projects in development in Atlanta, Charlotte, Nashville and Tampa.

About Novare Group The development of 360 is a joint venture of Novare Group Holdings, LLC and Andrews Urban LLC. 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. Elevating urban living to a new standard, the company's high-rise communities feature contemporary designs, rich amenities, and cutting-edge high technology featured at attainable price points. For more information, please visit the company's web site at www.novaregroup.com.

About Andrews Urban Andrews Urban LLC is a real estate investment and development firm located in Austin, Texas and dedicated to placing equity in strategic urban developments. Its manager, Taylor Andrews, has worked in urban real estate investing for more than ten years, three of which were in Raleigh-Durham, NC and the remainder of which have been in Austin. Andrews has extensive experience in real estate advisory for high-net-worth individuals and significant entrepreneurial land investment experience. For more information, please visit the Company's Web site at www.andrewsurban.com.