ORLANDO, FL - September 5, 2001 - ZOM is developing a 111-unit luxury oceanfront apartment community, The Waverly at Surfside Beach. This beachfront property is minutes from the Bal Harbor Shops and the exclusive Turnberry Isle Resort and Golf Course and is located midway between South Beach and Aventura. Surfside is an immaculately maintained oceanside community, with a growing reputation as a dynamic place to live and vacation. The hallmark of this area is its newly revamped 400-foot wide golden, pristine beach. The Waverly at Surfside will take full advantage of this natural amenity with a 64-unit, 12-story tower to be constructed on the beach. Residents will enjoy magnificent views of the Atlantic Ocean, a private beach club and convenient on-site parking. An additional 47 units will be constructed in a low-rise and townhouse configuration on the west side of Collins Avenue.

The Waverly at Surfside Beach will reshape the coastal Surfside landscape as a distinctive residential landmark and will introduce a new standard in luxury rental apartments. Offering a superior level of quality and amenities, The Waverly's distinctive 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 fitness center, beach club and swimming pool overlooking the Atlantic Ocean; clubroom with entertainment facilities; formal foyers, Roman tubs, upgraded interior finishes and walk-in closets.

According to Steve Patterson, ZOM's President and CEO, "The project features a contemporary Art Deco design in keeping with the historic style of the Surfside neighborhood. The Waverly at Surfside Beach will be unmatched in the area and is certain to become a beachfront landmark in Surfside. We expect to draw residents who desire the quality oceanfront living environment and the affluent lifestyle that The Waverly will provide."

ZOM's creative approach to development has been nationally recognized, and they have received numerous awards for their multifamily developments. Robert Mathias, the Development Manager for the project, anticipates a groundbreaking in late 2001. The project will take approximately 14 months to complete.

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.