About Paramount Homes

January 13, 2006

North Beach Asbury Park Takes Shape with Delivery of 950 Tons of Steel & 300,000 Sq. Ft. of Concrete Plank

Mayor & city officials commemorate first high-rise in decades

ASBURY PARK , New Jersey – This morning, 950 tons of steel and 300,000 square feet of concrete plank were delivered to erect the 157-home first phase of Paramount Homes' North Beach Asbury Park, the first condominium community for sale on the oceanfront.

Mayor Kevin G. Sanders , city manager Terence J. Reidy, city council members, Paramount Homes president Jeffrey Fernbach , vice president, sales & marketing Carolyn Villani , development director Lara Schwager, and senior construction manager Frank Belgiovine, commemorated the milestone by signing a "time capsule" cornerstone piece of steel for installation in the Barcelona, the first building under construction.

"As the first high-rise to go up in nearly two decades, North Beach Asbury Park is a very solid foundation for the oceanfront's residential revitalization," said Fernbach. "Within weeks, anyone who passes by will see a remarkable difference in the skyline."

Development of the oceanfront condominium community North Beach Asbury Park will eventually take up five city blocks and 800 homes. Over 80% of the units released for sale have been sold, and penthouses with stunning beach views go on sale soon.

Just this week, Paramount Homes' successful strategy for marketing North Beach Asbury Park, earned the real estate industry's most prestigious marketing honor, "The Nationals" Gold award from the National Association of Home Builders (NAHB) for Best Direct Mail - Electronic , which recognizes the innovative online communications strategy developed especially to attract North Beach buyers. In addition, Carolyn Villani won a Silver Nationals award for Best Marketing Director of the Year.

The first three residential floors of the 8-story Barcelona building will be evident by late January. Continuous visual updates are available at the North Beach Asbury Park website, http://www.northbeachasbury.com/building-images.php.

About North Beach Asbury Park: North Beach Asbury Park (www.NorthBeachAsbury.com), "Where a new golden era is just beginning," was the first residential community to break ground and go on sale in the ambitious revitalization of Asbury Park, New Jersey's waterfront district. The first phase of North Beach is 157 luxury condominiums in three distinctly different buildings of beautiful Mediterranean-influenced architecture, featuring top-level amenities and services. It's due for completion in 2007. The overall plan is to build 800 homes over five city blocks in the waterfront district. North Beach Asbury Park are the first homes to be built as part of Paramount Homes' new Paramount Centro division for multifamily and attached housing in urban environments.