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Innovative Encore Sales Center Opens in Nashville

New Sales Center to Share SoBro Experience With Visitors

Nashville, Tennessee (October 18, 2006) -
On October 18th, Giarratana Development, LLC and Novare Group Holdings, LLC will officially kick-off the sales period for Encore - the first residential high-rise in SoBro - with a grand opening of the sales center for the 20-story, 333-unit high-rise condominium.

According to executives at Giarratana and Novare, over 1,300 individuals have registered on Encore's web site (www.encoresobro.com), indicating a tremendous amount of anticipation for the development.

"Since day one, the excitement and demand for this project has been overwhelming," said Tony Giarratana of Giarratana Development. "Encore represents the future of SoBro - the next great Nashville neighborhood. We are thrilled to open this truly innovative sales center and give people a chance at purchasing a home at Encore."

Located at 119 3rd Avenue South, Encore's sales center is designed with an atmosphere similar to a high-end retail boutique. A combination of high-resolution photography, video technology and architectural and design treatments will give visitors to the sales center a realistic experience of what living at Encore will be like. The center will showcase a scale model of the building, renderings and a fully-furnished, full-sized one-bedroom residence.

"When someone visits our sales center, they are essentially entering Encore," said Jim Borders, president of Novare Group. "Encore offers an unparalleled lifestyle, so our sales center must do the same. We use a combination of technology, design and style to share Encore experience to prospective buyers."

Encore joins the Schermerhorn Symphony Center, the proposed new ballpark and the Country Music Hall of Fame to make SoBro one of the hottest residential areas in downtown. To give visitors a sense of the burgeoning neighborhood, the sales center will feature a panoramic view of SoBro as seen from the high-rise's top floor.

"Encore's proximity to culture and entertainment venues is unrivaled," said Giarratana. "Our sales center not only joins this neighborhood as an office on 3rd Avenue, but it will also share the excitement of SoBro with everyone. It will allow visitors to gather information and fully understand all that Encore has to offer before making a decision."

Encore, which broke ground in July of this year, will offer one- and two-bedroom condominiums with sophisticated design elements, cutting-edge high-tech features and resort-like amenities. Residents will have access to a large fitness center, media room, outdoor lounge area with fireplace, terrace overlooking the Nashville skyline, full-size pool with club room and wireless Internet access and plasma TVs throughout the building. It is scheduled to open in Spring 2008 and will also feature approximately 20,000 square feet of street-level retail space. Sales prices will start in the $180,000's.

Encore is the third collaboration between Giarratana Development and Novare Group Holdings. In early October, residents began moving into the partnership's first development, Viridian, which sold out seven months prior to its completion. The two developers also joined forces to convert the historic Bennie Dillon Building, which is also sold out, into loft condominiums.

Encore is designed and built by the architectural firm of Smallwood, Reynolds, Stewart, Stewart & Associates, Inc. The general contractor for the project is the construction firm of Brasfield & Gorrie.

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 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.