HIGH-RISE CONDOMINIUMS TO BE BUILT IN UPTOWN CHARLOTTE

ATLANTA, September 3, 2004 - Novare Group Inc., a trendsetter in urban residential development in the Southeast, announced today that it plans to develop 390 high-rise condominium homes in Uptown Charlotte. The development will be located next to the IJL Financial Center, at the intersection of North Church and Fifth streets, on land being acquired from Bank of America.

"Charlotte is a city that we have been interested in for some time," said John Long, chief investment officer of Novare Group. "It is a dynamic metropolitan area with a vibrant economy and an energetic city center, and we are excited to be a part of its growth."

Novare Group has a proven track record in the development of new residential high-rise communities and mixed-use projects, selecting locations that foster urban living in city centers. The Company develops attractively priced condominiums with features that appeal to 25-to-40-year-old buyers, such as distinctive urban architecture, quality construction and rich amenities including 10-foot ceilings, high-speed Internet access, floor-to-ceiling exterior glass walls, reserved parking, upscale fitness and social centers and luxury finishes such as granite countertops.

The planned 35-story building, which will also feature street-level retail space, will be a combination of one- and two-bedroom residences, with prices expected to begin at $170,000 for one-bedroom units and $260,000 for two-bedroom units. The location in Uptown Charlotte will be convenient to business and arts districts, shopping and nightlife and will offer spectacular views of the downtown skyline. Current projections estimate construction will begin in the second quarter of 2005, with completion in late 2006.

"Novare brings an accomplished team with a proven track record to this site," said John Saclarides, senior vice president for corporate real estate at Bank of America. "A high-rise community of the caliber that Novare is noted for will be a great addition to the residential mix of Uptown and will be attractive to a variety of residents who value the urban-living experience."

Award-winning Novare Group, headquartered in Atlanta, is among the most active high-rise real estate development firms in the Southeast, with more than 3,500 condominium units in development. The Company's high-rise communities have been received with excitement in their respective markets and have served as catalysts for residential growth in re-urbanization efforts. Novare's development focus is Atlanta, Nashville and several other Southeastern cities. For more information, please visit the Company's website at www.novaregroup.com.