Encore Construction Begins

SoBro's First Residential High-Rise Condominium, a Partnership between Giarratana and Novare, Slated for Completion in Early 2008

Nashville, Tennessee - July 12, 2006 - As Music City's skyline builds to a crescendo, an Encore is fittingly rising just south of Broadway. Encore, a 20-story, 333-unit contemporary tower and the first residential high-rise in SoBro, held its groundbreaking ceremony today at the site location adjacent to the new Schermerhorn Symphony Center at 3rd & Demonbreun.

Encore, a collaboration between Giarratana Development, LLC and Novare Group Holdings, LLC, will offer one- and two-bedroom condominiums with sophisticated design elements, cutting-edge high-tech features and resort-like amenities. It is scheduled for completion in early 2008 and will also feature more than 20,000 square feet of street-level retail space. Additionally, it is expected to house shops and restaurants that will further enhance the burgeoning SoBro district, which is known for its cultural attractions.

"Encore will set the standard for residential living in SoBro," said Tony Giarratana. "Boasting the Schermerhorn Symphony Center, the new ballpark and the Country Music Hall of Fame, SoBro will soon be one of the hottest areas in downtown to live, play and work. Encore residents can expect a sophisticated, luxurious urban home in the cultural heart of Nashville."

Mayor Bill Purcell and Phil Ryan, executive director of the Metropolitan Development and Housing Agency joined representatives from Novare Group and Giarratana Development as well as other local business leaders at today's groundbreaking ceremony.

To give potential buyers a sneak-peak at Encore, the developers will launch an innovative sales center in fall 2006. Designed much like a high-end retail boutique, the center will be located at 119 3rd Avenue South and will be the first of its kind in Nashville. It will showcase a scale model of the building and a fully-furnished, full-sized one-bedroom residence, giving prospective buyers an authentic sense of what living at Encore will be like. The center will also feature a panoramic view of SoBro and downtown as will be seen from Encore's top floor.

"We design our sales centers to help customers in visualizing and selecting their home. When visitors enter the sales center, they will essentially be entering Encore," said Jim Borders, president of Novare Group. "Through a combination of high-resolution photography, video, technology and architectural and design treatments, the sales center will give people a first-hand experience of what it will be like to call Encore home."

Encore is the third joint venture in the Nashville market by Novare Group and Giarratana Development. The partnership's first development, Viridian, is scheduled for completion later this year and is sold out. The two developers also joined forces to convert the historic Bennie Dillon Building, which is also sold out, into loft condominiums.

Sales prices for Encore's residences will begin in the $180,000's.

The architectural firm of Smallwood, Reynolds, Stewart, Stewart & Associates, Inc. and the construction firm of Brasfield & Gorrie, will also be involved in the project.

About Giarratana Development, LLC Giarratana Development, LLC is a real estate development company based in Nashville, Tennessee with extensive experience in residential and commercial development throughout Nashville, and through its Premier Parking affiliate owns and/or operates over 2,000 spaces in Nashville's central business district. Giarratana's other recent urban residential projects include Viridian, the Cumberland, Bennie Dillon and Signature Tower. Please visit the Company's Web site at www.giarratana.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, 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.