ORLANDO, FL - March 28, 2003 - ZOM Development, Inc. was honored by the National Association of Home Builders at the annual Pillars of the Industry^TM awards gala on Monday, March 24 in Boca Raton, Florida, during NAHB's Multi-Housing World Exposition, where ZOM received "Best Luxury Multifamily Development" for The Waverly on Lake Eola.

Designed by nationally acclaimed architect, Graham Gund, the 23-story, 230-unit high rise building is located on the southern shores of Lake Eola, a lush urban park in the heart of downtown Orlando. In addition to efficient and functional living units, the building offers spacious apartments and penthouses overlooking Lake Eola. Residents are offered panoramic views of the lake and surrounding Orlando skyline. Distinguishing features of the tower include spacious floor plans, formal foyers, ample storage, security alarms, Roman tubs, upgraded interior finished, walk-in closets, balconies, enclosed parking deck with monitor gates, state-of-the-art health club, 24-hour concierge, entertainment facilities, swimming pool, hospitality suite and business center. Monthly rental rates begin at just over $1,000 for a one-bedroom apartment and $1,500 for a two-bedroom apartment. Penthouses range from $3,000 to $6,000.

The "Best Luxury Multifamily Development" is based upon innovations in quality of site design, landscaping, floor plan and unit design, amenities and services for an upscale market, as well as the quality of overall execution and financial performance. Entries are also judged on how the builder conveys a positive image of multifamily housing.

Steve Patterson, ZOM's President and CEO notes, "The Waverly represents an exciting design solution to a very unique setting. It was important to us from the beginning that we deliver a landmark residential property to Orlando's downtown skyline. This award reinforces our team's ability to deliver luxury housing with a rare vision."

The interior design was tastefully executed by VOA Associates and offers curvaceous spaces and bold colors to deliver an exceptional living environment. The building construction was managed by Hardin Construction of Atlanta, Georgia. The project was produced in part of Orlando's downtown housing initiative.

The Pillars Awards is the multifamily industry's most competitive and coveted national awards competition. Winners are selected from among the nation's top firms, and winning a coveted Pillars of the Industry Award^TM is a mark of excellence in the multifamily housing industry. The awards pay tribute to multifamily housing professionals in development, management and marketing.

ZOM has won numerous Pillars Awards, including the prestigious "Multifamily Development Firm of the Year" in 1999, "Best Garden Apartment" in 1997 and 1996, "Best Site Plan" in 1997 and 1996, and a "Special Environment Award" in 1995.