UCASU believes costs to fully refurbish landmark property will be lower-than-estimated
ATLANTA, July 21, 2021 /PRNewswire/ -- UC Asset LP (OTCQX: UCASU) management believes that full restoration of the historical landmark Rufus Rose House in Atlanta, GA will require a budget lower than previously estimated. This conclusion was reached after a team of restoration and historical preservation experts inspected Rufus Rose House with UC Asset management earlier today.
Built in 1901, Rufus Rose House is the oldest building in the heart of downtown Atlanta, and Atlanta's only standing Victorian Queen Anne mansion. The landmark is a national Historic Place recognized by the federal government, and an official Landmark Building of the city. UC Asset has vowed to fully restore and preserve this cherished landmark.
UC Asset had considered the costs of full restoration before it acquired the building as an investment on July 07. "It is a nice surprise that the costs may very likely be much lower than we estimated." Says Greg Bankston, managing partner of UC Asset.
After consulting with the inspection team of leading experts, UC Asset believes the costs will be lower because the main structure of the building is in good shape, even after 120 years since it was built. Also, overwhelming majority of its accessories, such as windows, doors, fireplaces and stairways, remain original and intact and will require less work of repair. And the interior space may require less remodeling to fit into the company's plan for future use.
"UC Asset is an investor, and is not licensed to do any construction or restoration jobs. We rely on our business partners and third-party contractors to perform these jobs. Hence it is critically important for us to work with capable partners and contractors," explains Bankston. "We are very excited to work with leading local companies and nonprofits on the Rufus Rose House project. We feel very grateful that they have the ability to deliver results beyond our previous expectation and at lower costs."
UC Asset also plans to work with technology partners, to issue real estate NFTs representing certain artistic and proprietary rights of Rufus Rose House. UC Asset believes the NFTs, based on cryptocurrency Ethereum, will be the first of a kind, which will represent proprietary rights as both a piece of digital artwork and a piece of real estate.
According to an agreement with its technology partner, the latter will develop and sell the NFTs; and UC Asset will receive 95% of net proceeds. UC Asset will use these proceeds to refurbish and restore Rufus Rose House until the building is fully preserved. If the costs of restoration go low, there may retain a net amount of cash after preservation, which can be claimed by UC Asset as investment gain generated from its ownership interests in Rufus Rose House.
"Our goal has always been dual-facets as to faithfully preserve a historical landmark and to deliver good return for our shareholders," says Larry Wu, founder of UC Asset. "Now it appears that we will have a better chance to deliver a good investment return."
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
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 | Investor Relations Director, UC Asset LP
SOURCE UC Asset LP
Company Codes: OTC-QX:UCASU, Bloomberg:UCASU@US, OtherOTC:UCASU
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