ATLANTA, GA, September 14, 2022 — McapMediawire — UC Asset LP (OTCQX: UCASU) today debunks a claim that the company is selling the historic landmark Rufus Rose House. The company affirms that it is renovating the property into a dual role building similar to the Empire State Building, and any sources indicating otherwise are erroneous.
“If you google Rufus Rose House today, you may be led to the webpage of a nonprofit, HistoricAtlanta.org, on which the property is presented as for sale by a realtor agent,” claims Greg Bankston, managing general partner of UC Asset. “We have never authorized said nonprofit, the agent listed, or anyone else, to sell this property. We have reached out to the concerned parties to have this information corrected and updated.”
“Instead, we are moving at a solid pace to restore this historic treasure. Over the past weeks, we have restored basic utilities and cleaned up the site. The goal is to renovate it into a functioning office space and a famous site-seeing attraction, representing a dual role much like the Empire State Building in New York City,” says Bankston.
“On another note, we’re entertained that the non-profit and listed agent created a compelling sales pitch for our property and gave it a valuation way higher than our investment cost,” jokes Bankston.
For example, the sales pitch on HistoricAtlanta.org gives Transfer of Development Rights (TDR) of the property a valuation of approximately $2 million, surpassing the whole purchase price of $1.65 million by UC Asset. TDR is one single derivative value of the property, and it should represent only a fraction of the property’s total value.
According to HistoricAtlanta.org’s article, “Properties that are designated as a Landmark Building or Site can transfer unused development rights to a property that can buy those rights and increase the density. The Rufus M. Rose House has approximately 235,000 square feet of unused residential and non-residential space. The current market value is $10-15 per square feet creating a revenue of approximately $2 million dollars.”
Bankston clarifies that UCASU is not convinced that TDR of Rufus Rose House is worth of $2.0 million at this moment. Besides, the company has no plan to sell its TDR any time soon. Still, Bankston says that he is encouraged that a professional realtor views the value of Rufus Rose House much more optimistically than the management of UCASU does.
The Rufus Rose House is one of the oldest buildings in metropolitan Atlanta, and currently the only standing Victorian mansion in the central district. Affectionately referred to as the “Rose on Peachtree“, the property is a late Victorian Queen Anne style home built in 1901 and nestled in the heart of the city. The refurbished Rose on Peachtree is posed to attract the attention of the 50-60 million visitors/tourists to Atlanta every year. The Rufus Rose house is listed on the National Register of Historic Places (since 1977) and is designated as a Landmark Building Exterior (since 1989) by the City of Atlanta.
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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