AVENUE SALES CENTER OPENS

URBAN TRENDSETTER, NOVARE GROUP, OFFERS SNEAK PEEK TO POTENTIAL BUYERS WITH A FULLY-FURNISHED CONDO UNIT

Charlotte, N.C. - September 9, 2005 - Novare Group, developer of high-rise condominiums in several Southeast markets, today officially opened the sales center for Avenue, a 36-story high-rise condominium community under construction at the intersection of North Church and 5th streets in Charlotte's Center City.

The sales center is located at 500 West 5th Street Suite 120 within The Cotton Mills. The center will be open for the next several weeks to provide information on the condominiums, but actual sales will not begin until later in the fall. "This is a new condominium product for the Charlotte market," said Conor McNally, Novare's developer for Avenue. "We want to give potential buyers an opportunity to gather information and understand our product before making a decision." Visitors to the center will be given the opportunity to register and add their names to an official member list, from which appointments will be made when the sales process begins.

A highlight of the sales center, and a first for the Charlotte market, is a fully-furnished one-bedroom model unit. This feature allows potential buyers to see the actual finishes and options that will be available and give an authentic feel for what it will be like to live at Avenue. The sales center will be staffed and managed through Cottingham-Chalk's new Developer Services Division to be headed by Charlotte residential real estate expert Wendy Field.

Avenue will comprise 386 one- and two-bedroom units, as well as 8,000 square feet of street-level retail space. Prices are expected to begin in the $170,000s for one-bedroom units. Features include sleek, contemporary architecture with floor-to-ceiling glass, kitchens with granite and stainless steel, 10-foot ceilings, 24-hour concierge, ultra-high-speed Internet access, reserved parking and resort-like amenities such as an upscale, expansive fitness center and club room. Completion is projected for mid-2007. More information on the project is available at www.avenueuptown.com.

RJ Griffin is building Avenue, which was designed by architectural firm Smallwood, Reynolds, Stewart, Stewart and Associates . Financing providers are Empire Financial Services, Inc. and Merrill Lynch Capital.

About Novare Group
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 focuses on the development of high-rise, mixed-use condominium communities, selecting locations that foster urban living in city centers.