UC Asset receives building permit to renovate legendary landmark Rufus Rose House

Rhea-AI Summary

UC Asset (OTCQX: UCASU) has secured a building permit from Atlanta to renovate the historic Rufus Rose House, the first permit granted in two decades. The property, built in 1901 and listed on the National Register of Historic Places, will be transformed into a dual-use office and attraction similar to the Empire State Building. The renovation aims to leverage its prime location and potential tourism revenue, estimated at 50-60 million visitors annually. UC Asset also anticipates value from Transfer of Development Rights (TDR), potentially worth $2 million.

Positive

• Building permit secured for Rufus Rose House after 20 years.
• Renovation plans to create dual-use office and historical attraction.
• Potential tourism revenue from 50-60 million visitors per year.
• Possibility of monetizing TDR valued at $2 million.

Negative

• None.

Atlanta, GA, Dec. 14, 2022 (GLOBE NEWSWIRE) -- UC Asset (OTCQX: UCASU) confirms today that it has received a building permit from the City of Atlanta to renovate the Rufus Rose House, a historic landmark in downtown Atlanta.

“This is the first time in the past two decades that an owner of this legendary property has been able to secure a building permit,” declares Greg Bankston, managing partner of UC Asset. “The property is a national heritage of historic landmarks, and, understandably, any renovation plans must go through rigorous screening before a building permit can be issued. It has taken us more than a year to finally secure the permit. As far as we know, none of the previous owners in the past two decades has gone this far.” 

Built in 1901, this 121-year-old mansion is one of the oldest buildings, and the only standing Victorian mansion, in downtown Atlanta. Affectionately referred to as the "Rose on Peachtree", it has been listed on the National Register of Historic Places since 1977. UC Asset acquired this property in 2021.

The company affirms that it is renovating the property into a dual role building similar to the Empire State Building in the New York City, to become a state-of-the-art office building as well as a landmark attraction.

“This property is ideally located on the busiest street of Atlanta, only one block from the city’s tallest office building, the Bank of America Tower. Regardless of its intangible value as a historic heritage, this property has insurmountable per unit financial value as office space,” asserts Bankston.

In addition to its financial value as office space, the refurbished Rose on Peachtree will attract the attention of the 50-60 million visitors/tourists to Atlanta every year. Besides possible tourism revenue, the company will also seek to monetize intangible value of the property through new technologies, such as NFTs (non-fungible tokens).

“The Empire State Building generates the same amount of revenue from their intangible value as from the rental of office space,” says Bankston. “We are confident that we can achieve similar results with Rufus Rose House.”

There are probably other revenue sources for this historic landmark. For example, properties that are designated as a Landmark Building or Site can transfer unused development rights to other property owners, who can buy those rights and increase the density of their constructions. This is called Transfer of Development Rights (TDR). According to a local non-profit, HistoricAtlanta.org, the TDR of Rufus Rose House may be worth $2 million. Although UC Asset management believes that this number is exaggerated, it is certain that the TDR of Rufus Rose House will become more and more valuable, as downtown Atlanta development rights will become scarcer and scarcer.

“Overall, this is a great opportunity of investment, and we are making solid progresses to reach our goals,” concludes Larry Wu, founder of UC Asset.

Even before reception of the building permit, UC Asset has done preparatory works for renovation. The company has restored basic utilities such as power and water to the property in the past months. The company avows to start the main work of renovation immediately after the holiday season.

About UC Asset LP

UC Asset LP is a limited partnership formed for the purpose of investing in real estate with innovative strategies, concentrating in metropolitan areas of Atlanta, GA.  For more information about UC Asset, please visit: www.ucasset.com

Disclaimer:

This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this news release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed. 

For More Information Contact: IR@UCasset.com

FAQ

What recent development did UC Asset (UCASU) announce?

UC Asset announced it has received a building permit from the City of Atlanta to renovate the historic Rufus Rose House.

Why is the Rufus Rose House renovation significant for UC Asset (UCASU)?

It is the first building permit granted for this property in two decades, allowing for its transformation into a dual-use office and attraction.

What are the financial expectations from the Rufus Rose House project by UC Asset (UCASU)?

UC Asset expects substantial revenue from tourism, with Atlanta attracting 50-60 million visitors annually, and potentially $2 million from Transfer of Development Rights.

When will UC Asset (UCASU) start the renovation of the Rufus Rose House?

UC Asset plans to start the main renovation work immediately after the holiday season following the announcement.

What is the history of the Rufus Rose House relevant to UC Asset (UCASU)?

The Rufus Rose House, built in 1901, is one of the oldest buildings in downtown Atlanta and has been listed on the National Register of Historic Places since 1977.