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
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