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Atlanta, GA, Sept. 14, 2022 (GLOBE NEWSWIRE) — UC Asset (OTCQX: UCASU) in the present day debunks a declare that the corporate is selling the historic landmark Rufus Rose House. The firm affirms that it’s renovating the property right into a twin function constructing much like the Empire State Building, and any sources indicating in any other case are faulty.
“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 basic companion 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 instance, the gross sales pitch on HistoricAtlanta.org provides Transfer of Development Rights (TDR) of the property a valuation of roughly $2 million, surpassing the entire buy worth of $1.65 million by UC Asset. TDR is one single spinoff worth of the property, and it ought to signify solely a fraction of the property’s complete worth.
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 isn’t satisfied that TDR of Rufus Rose House is price of $2.0 million at this second. Besides, the corporate has no plan to promote its TDR any time quickly. Still, Bankston says that he’s inspired {that a} skilled realtor views the worth of Rufus Rose House far more optimistically than the administration of UCASU does.
The Rufus Rose House is one of the oldest buildings in metropolitan Atlanta, and presently the one standing Victorian mansion within the central district. Affectionately known as the “Rose on Peachtree“, the property is a late Victorian Queen Anne model dwelling inbuilt 1901 and nestled within the coronary heart of the town. The refurbished Rose on Peachtree is posed to draw the eye of the 50-60 million guests/vacationers to Atlanta yearly. The Rufus Rose home 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 restricted partnership fashioned for the aim of investing in actual property with progressive methods, concentrating in metropolitan areas of Atlanta, GA. For extra details about UC Asset, please go to: www.ucasset.com
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