ORLANDO, FL - August 23, 2001 - ZOM is developing a new urban 14-story apartment community, The Waverly at Ft. Lauderdale, located at the intersection of Broward Boulevard and Federal Highway in the heart of downtown Ft. Lauderdale. The Post Modern architectural theme of Victorian elements and varying elevations will create a striking visual presence and is destined to reshape the Ft. Lauderdale skyline as a distinctive downtown landmark. Many Waverly residents will have panoramic views of the Atlantic Ocean and the downtown Ft. Lauderdale skyline. The architectural and floor design elements of the project will combine to create a unique and highly desirable urban living address and will be within walking distance of the downtown business district and Las Olas Boulevard.

Robert Mathias, the Development Manager, reports that this luxury community will offer 304 apartment homes and a superior level of quality and features. Distinguishing features include spacious, functional living units in a variety of 1-, 2- and 3-bedroom floor plans; private balconies with ample storage; multi-level enclosed parking; state-of-the-art health club and swimming pool; an exclusive urban day spa on the amenity deck with upscale retail shops and restaurants at street level; a large clubroom with entertainment facilities; formal foyers, Roman tubs, upgraded interior finishes and walk-in closets. Groundbreaking is scheduled for first quarter 2002.

"The Waverly is an exciting project," states ZOM President and CEO, Steve Patterson. "The project was designed to create a luxury urban living environment in the heart of downtown Ft. Lauderdale. There is an increasing desire of people to live near their workplace, and The Waverly has the added benefit of being close to Las Olas Boulevard and the beach." An objective of the architect, Dorsky Hodgson & Partners, was to create a memorable imagery and identity for the development on this landmark site.

ZOM's creative approach to development has been nationally recognized, and they have received numerous awards for their multifamily developments. ZOM has developed over 6,000 apartments in Florida and currently has over 2,000 units in various stages of development throughout the state, including Orlando, Tampa, Ft. Lauderdale and Miami.