UCASU believes costs to fully refurbish landmark
property will be lower-than-estimated
Atlanta,
GA -- July 21, 2021 -- InvestorsHub NewsWire -- 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
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 |
Investor Relations Director, UC Asset LP
cjordan@ucasset.com |
678-499-0297