UCASU to Form Council of Community Leaders to Advise Landmark Renovation

Rhea-AI Summary

UC Asset LP (OTCQX: UCASU) announced its plan to form a council comprising community leaders to guide the restoration of the Rufus Rose House, Atlanta's oldest building. The initiative aims to enhance the property's historic and social significance. Furthermore, UC Asset will monetize the intangible values of the house by launching up to 1,000 NFTs, priced between $300 and $500, starting September 8. Executive Director Christal Jordan emphasized the vision for the property as a symbol of unity within the community.

Positive

• Formation of a council to guide the restoration of the Rufus Rose House.
• Plans to monetize the property's intangible values through NFT sales.
• Strategically located property in downtown Atlanta, enhancing its commercial value.

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• None.

ATLANTA, Aug. 19, 2021 /PRNewswire/ -- UC Asset LP (OTCQX: UCASU) announced today that the company will form a council of community leaders from diverse backgrounds to support its newly acquired Rufus Rose House. The council will advise on the restoration as well as the future use of Rufus Rose House, the oldest building in downtown Atlanta, and is officially recognized as a national Historic Place and a Landmark Building of the city.

"We are committed to refurbishing the Rufus Rose House to its proud original state," says Christal Jordan, Executive Director, UC Asset. "Our long term vision is for the property to serve as a reminder of Atlanta's rich history, while pushing the city towards an even more inclusive community. We look forward to welcoming a diverse group of leaders from various sectors in the city including: politics, business, education, art, fashion, music and much more to our 2021 Rufus Rose Council. Together we will make the restoration of the property a symbol of unity, commitment and achievement for the people of Atlanta," says Jordan.

"When we acquired Rufus Rose House, we envisioned its investment value was mostly in its historic and social values, beyond its tangible value as a piece of commercial property," explains Greg Bankston, managing general partner of UC Asset. "Yes, the property has great commercial value. It is in a great location, right in the heart of downtown Atlanta, and only one block away from the tallest building in the city, the Bank of America Tower. With that said, the commercial value of a piece of property has limits; tied to the rent cashflow it may generate. But we realize the intangible value in its historic, artistic and social traits is limitless. We will work to improve its historic and social values and will apply innovative business models to monetize these values."

Earlier this summer, UC Asset announced plans to monetize the intangible values of the Rufus Rose house in conjunction with a technology partner to create and sell NFTs (non-fungible tokens) , which will contain licenses to use certain intangible rights of the property. Those NFTs will be based on crypto-currency Ethereum and block chain technologies.  UC Asset expects that its technology partner will issue up to 1,000 NFTs at $300 to $500 per token, in its first sale campaign, which will launch on September 8th. 

About UC Asset LP

UC Asset LP is a limited partnership formed for the purpose of investing in real estate with value-added 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:

Christal Jordan | Executive Director, UC Asset LP
cjordan@ucasset.com | 678-499-0297

 

 

View original content:https://www.prnewswire.com/news-releases/ucasu-to-form-council-of-community-leaders-to-advise-landmark-renovation-301358989.html

SOURCE UC Asset LP

FAQ

What is the purpose of the newly formed council by UCASU?

The council aims to guide the restoration and future use of the Rufus Rose House, enhancing its historic significance.

What plans does UCASU have for NFT sales?

UCASU plans to sell up to 1,000 NFTs related to the Rufus Rose House, priced between $300 and $500 each, starting on September 8.

When was the announcement regarding the Rufus Rose House made?

The announcement was made on August 19, 2021.

What is the significance of the Rufus Rose House?

It is recognized as Atlanta's oldest building and listed as a national Historic Place and Landmark.