UCASU refutes rumors of selling historic landmark and asserts plan of renovating it into Atlanta’s Empire State Building
UC Asset (OTCQX: UCASU) has clarified that it is not selling the historic Rufus Rose House, countering claims found on HistoricAtlanta.org. The company plans to renovate the property into a dual-purpose venue akin to the Empire State Building. UC Asset has already restored basic utilities and aims to create an office space and tourist attraction. The nonprofit's valuation of the property’s Transfer of Development Rights (TDR) at $2 million is questioned by UC Asset, which holds a purchase price of $1.65 million. The Rufus Rose House is a designated Landmark Building and a tourist site in Atlanta.
- UC Asset is actively renovating the Rufus Rose House, restoring utilities and preparing for future tourist attraction and office space.
- The property is recognized as a historic site, enhancing its appeal and potential for attracting visitors.
- The valuation of the property's Transfer of Development Rights (TDR) by HistoricAtlanta.org is viewed skeptically by UC Asset, with the company disapproving of the $2 million estimate.
Atlanta, GA, Sept. 14, 2022 (GLOBE NEWSWIRE) -- UC Asset (OTCQX: UCASU) today debunks a claim that the company is selling the historic landmark Rufus Rose House. The company affirms that it is renovating the property into a dual role building similar to the Empire State Building, and any sources indicating otherwise are erroneous.
“If you google Rufus Rose House today, you may be led to the webpage of a nonprofit, HistoricAtlanta.org, on which the property is presented as for sale by a realtor agent,” claims Greg Bankston, managing general partner of UC Asset. “We have never authorized said nonprofit, the agent listed, or anyone else, to sell this property. We have reached out to the concerned parties to have this information corrected and updated.”
“Instead, we are moving at a solid pace to restore this historic treasure. Over the past weeks, we have restored basic utilities and cleaned up the site. The goal is to renovate it into a functioning office space and a famous site-seeing attraction, representing a dual role much like the Empire State Building in New York City,” says Bankston.
“On another note, we’re entertained that the non-profit and listed agent created a compelling sales pitch for our property and gave it a valuation way higher than our investment cost,” jokes Bankston.
For example, the sales pitch on HistoricAtlanta.org gives Transfer of Development Rights (TDR) of the property a valuation of approximately
According to HistoricAtlanta.org’s article, “Properties that are designated as a Landmark Building or Site can transfer unused development rights to a property that can buy those rights and increase the density. The Rufus M. Rose House has approximately 235,000 square feet of unused residential and non-residential space. The current market value is
Bankston clarifies that UCASU is not convinced that TDR of Rufus Rose House is worth of
The Rufus Rose House is one of the oldest buildings in metropolitan Atlanta, and currently the only standing Victorian mansion in the central district. Affectionately referred to as the "Rose on Peachtree", the property is a late Victorian Queen Anne style home built in 1901 and nestled in the heart of the city. The refurbished Rose on Peachtree is posed to attract the attention of the 50-60 million visitors/tourists to Atlanta every year. The Rufus Rose house is listed on the National Register of Historic Places (since 1977) and is designated as a Landmark Building Exterior (since 1989) by the City of Atlanta.
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.
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Attachments
- UCASU refutes rumors of selling historic landmark and asserts plan of renovating it into Atlanta’s Empire State Building
- UCASU refutes rumors of selling historic landmark and asserts plan of renovating it into Atlanta’s Empire State Building
- UCASU refutes rumors of selling historic landmark and asserts plan of renovating it into Atlanta’s Empire State Building
FAQ
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