Sovereign Speeds Ahead of Schedule

From my contact at Sovereign: 

As we approach the completion of SOVEREIGN we want to personally keep you updated on the progress, key developments and dates connected with SOVEREIGN’S debut.  Beginning March 3, 2008 guests will be greeted by our SOVEREIGN Valet, so visiting us will be easier than ever before.

We are delighted to report that our construction continues on schedule and we anticipate our first closing in August of this year.  Over the next 90 days we will continue to narrow that window and hope to have a fixed date by early summer.

As the financial and real estate markets continue to fluctuate, we are pleased to report that interest in SOVEREIGN remains strong, and SOVEREIGN promises to be a solid long term asset. SOVEREIGN is one of the few luxury condominium projects in 
Atlanta that was able to begin construction without pre-selling homes.  Our lenders and financial partners have a commitment to this project for the same reasons that you are choosing SOVEREIGN:  its unique location, its architectural and artistic significance, and the exceptional level of service and amenities

As you know, SOVEREIGN is a mixed-use project of which the first 26 stories are commercially leased.  We want to share with you some of the successes of our leasing program because this guarantees the building’s stability.  On the leasing side we have publicly announced commitments from such outstanding organizations as the law firm Littler Mendelson, PC; Staubach Corporate Services; Jones Lang LaSalle; Fifth Third Bank; and our own corporate offices for Regent Partners, LLC.  In addition we have several other signed and pending leases, one in particular from a leading international communications and electronics firm to make 3344 Peachtree their U.S. Headquarters. And of course, we have premiere service tenants, The Buckhead Club, Buckhead Life Restaurants, and Fresh 2 Order restaurant.  Agai n, we share this information because it is these commercial successes that enable us, as the developers, to assess the homes of SOVEREIGN for their long term value and not react to the temporary market vacillation. 

SOVEREIGN PROGRESS

As we move forward we will provide regular updates on milestones and services for our homeowners.  Following are some notes of interest:

•  Within the next 30 days we will have a ‘builder’s model’ complete.  This is a sample home with cabinetry, millwork and finishes that is use by the construction team as a prototype. We will be able to arrange for you to visit this model home so that you can see firsthand how wonderful the workmanship on your own home will be.
• We are also working on a decorator model home in conjunction with Atlanta Homes & Lifestyles magazine and noted interior designer Barbara Westbrook.   That home will be complete early this summer and also available for your preview.  SOVEREIGN was also recently featured in Atlanta Homes & Lifestyles Magazine and you can take a virtual tour, following the progress of SOVEREIGN, on the Atlanta Homes & Lifestyles website atwww.atlantahomesmag.com.
  
• We will move our Sales Gallery to the lobby of the building in May when the commercial area of 3344 Peachtree will be complete.
• If you are considering closet finishes, lighting, or home electronic systems, we have arranged a preferred relationship with three of 
  Atlanta’s premier suppliers.  For lighting we have a preferred relationship with C Lighting; for home entertainment, window treatments and security systems, I-Home; and for closet finishes, Closets & More.
• The Buckhead Club is on schedule to open in September.  Work is well underway on their panoramic new space on the 26^th story. 
  
• Fresh 2 Order is currently scheduled to open their doors for business in August of this year.
  
• Buckhead Life Group is also anticipating an end of year opening for its signature restaurant.
  

 And finally, our curator and artist of record, Todd Murphy, has worked with us to acquire an outstanding collection of contemporary art and sculptures for the building.  In addition to his own works, 3344 will feature pieces by renowned sculptors Deborah Butterfield and Gregory Ryan. Sovereign will feature pieces from Sam Taylor-Wood, Christopher Bucklow, Joel Meyerowitz, Radcliffe Bailey and Kathryn Refi to name a few. 

This is an exciting time for all of us as we see the vision of SOVEREIGN come to fruition.  We are so pleased that you are a part of this landmark residence and we look forward to the next few months as the building is completed.