Atlanta, GA -- Septemeber 15, 2023 -- InvestorsHub NewsWire -- UC
Asset LP (OTCQB:
UCASU)'s management confirms today that solid progress has been
made regarding the renovation work on a historic landmark owned by
the company, the Rufus Rose House.
"We
have recently received several inquiries from concerning parties,
both online and offline, some of which question whether any
progress has been made in renovating Rufus Rose House, as the
exterior and the surroundings of the property have not shown many
improvements. It still looks like an abandoned house from outside,"
says Jason Armstrong, manager of UC Asset.
"We
can assure those concerning parties that the renovation is
progressing as planned. However, the City of Atlanta has designated
this house as a Landmark Building Exterior (since 1989), which
means that we are not allowed to make any permanent changes to the
exterior, including the surroundings, of the property without a
special permit. In the absence of such a permit, we are not even
allowed to pressure wash the wall, or to clean up the graffiti. The
exterior has to remain the same, while we have been renovating the
property interiorly," continues Mr. Armstrong.
In
particular, the whole house has been reframed, including the roof,
drywalls, and subfloors. Old and damaged studs have been replaced
with new ones. In some areas, the whole wooden frames have been
replaced. This work has eliminated any imminent risk of structural
failure, and laid the foundation for further renovation.
Meanwhile, most utilities, including power, water, and mail
service, have been restored. A new HVAC system will be installed
soon, and a fire suppression system will be set up to prevent fire
hazards.
All
the works have been conducted under a building permit received last
December. However, this building permit does not authorize any
exterior works, for which the company must apply for a permit for
Landmark Building Exterior.
Armstrong confirms that the company is working with specialists,
including those of historic building renovation, to initiate the
application for such a permit. It may require an extended period of
reviewing process before such a permit may be issued. However,
Armstrong is positive that time is at the company's side.
"This
122-year-old property is one of the oldest buildings, and the only
standing Victorian mansion, in downtown Atlanta. And it is merely
one block from the tallest building, the Bank of America Tower, in
this city. This uniqueness determines its irreplaceable value, both
cultural and economic, which we believe will only grow higher over
time," asserts Armstrong.
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.
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.
For More Information
Contact: IR@UCasset.com