121 West Trade Street
27th Floor
Charlotte, NC 28202

FOR IMMEDIATE RELEASE

March 1 , 2006

TWELVESM Project Teams Faison Enterprises with Novare Group and Levine Properties

Charlotte, N.C. – March 1, 2006– Faison Enterprises, Novare Group and Levine Properties announced plans to jointly develop a TWELVESM Hotel and Residences, to be located on the block bounded by 7th Street, College Street, 8th Street and the trolley line in Charlotte’s Center City. Construction is scheduled to begin on TWELVE Charlotte in late 2006.  The architect for the project will be Smallwood, Reynolds, Stewart, Stewart and Associates, Inc. Completion of the project is expected in 2008.

TWELVE Hotels and Residences, a wholly owned subsidiary of Novare Group, combines an all-suites boutique hotel and moderately priced luxury condominiums.  TWELVE Charlotte will combine approximately 150 hotel suites and 400 condominium units with its unique guest and residential amenities.  The boutique hotel will feature suite-style hotel rooms with separate living and sleeping areas, full-size kitchen and private balcony. 

TWELVE Hotels and Residences is noted for its high-tech features, including GHOSTSM (Guest Hotel Operating System Terminal), an in-room application that allows guests to request various services online via flat-screen monitor, keyboard and mouse that are standard in every TWELVE hotel suite. Guests can order room service, make specific housekeeping requests (additional bath linens, sewing kit, toiletry items, etc.), contact the concierge, request their car from the valet, order laundry/dry cleaning, and much more.  Also available are touch-screen check-in kiosks and free ultra-high-speed Internet and wi-fi access in every suite and throughout the hotel.

The condominiums will feature sleek, contemporary architecture with floor-to-ceiling glass walls, kitchens with granite and stainless steel, 10-foot ceilings, and a private residential lobby entrance.  Both residents and guests will have access to a host of amenities, including room service, in-house restaurant and bar, housekeeping, 24-hour concierge and valet parking.  Other amenities include an elevated pool terrace, fitness center, clubroom, and controlled-access parking.

“We are excited about bringing this unique product to the Charlotte market,” said Jim Apple, executive vice president and head of Commercial and Residential Services for Faison.  “The concept of combining a boutique hotel with urban residences so that the residents can avail of themselves hotel services is a powerful concept that is perfectly suited for what we are trying to create in First Ward.”

The development team is also working with North Carolina Dance Theater (NCDT) in an effort to provide NCDT a home for primary rehearsal space, dance school and offices within the development.  “We see inclusion of NCDT in the project as a great opportunity to further the goal of bringing Charlotte’s leading artistic groups to the First Ward arts district,” said Apple.

About Faison Enterprises
Faison Enterprises, Inc. is a privately-held development company with a diversified product portfolio that includes retail, commercial and residential project development, management and acquisitions services. With more than 40 years in the business and holdings of approximately $1 billion, including $500 million of new projects under development, the Charlotte NC based company manages and develops properties throughout the South and Mid-Atlantic and maintains regional offices in Bethesda MD, Washington D.C., Charlotte NC, Charleston SC, Atlanta GA, Orlando and Delray Beach, FL. For more information, visit www.faison.com.

About TWELVESM Hotels and Residences
TWELVE Hotels and Residences combines a premier boutique hotel with upscale urban condominiums, offering condominium homes at attractive price points and hotel suites at business rates.  The coexistence of hotel and condominium creates synergies in amenities and services that are seldom found outside the luxury tier.  The company was established in 2004, under the umbrella of Novare Group Holdings, LLC, a leading developer of high-rise condominiums in several U.S. markets.  More information can be found at www.twelvehotels.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, 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. 

About Levine Properties, Inc.
Levine Properties, Inc. is a full service real estate and investment company based in Charlotte, N.C.  The company develops, owns, leases, manages and invests in office, retail, industrial and mixed use properties.  Founded in 1984, the company has a concentration of land investment in Charlotte’s Center City and will be bringing a mixed-use urban-village concept to First Ward.

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