UCASU updates renovation progress of legendary landmark Rufus Rose House

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Sep 15, 2023, 09:00 ET

ATLANTA, Sept. 15, 2023 /PRNewswire/ -- 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: UC Asset LP, [email protected], +1 470-475-1035

SOURCE UC Asset LP