Cost to fully refurbish historical landmark Rufus Rose House expected to be lower than estimated

UC Asset LP, the real estate investment partnership that recently acquired the historical landmark Rufus Rose House in Atlanta, believes that a full restoration of the house will require a budget lower than previously estimated.

Rufus M. Rose HouseWarren LeMay from Cincinnati, OH, United States, CC0, via Wikimedia Commons

Known as the “Rose on Peachtree”, the Rufus M. Rose House is one of the oldest buildings in metropolitan Atlanta and is currently the only standing Victorian mansion in the central district. The Rufus Rose House has been listed on the National Register of Historic Places since 1977 and has been designated as a Landmark Building Exterior by the City of Atlanta since 1989.

Built in 1901, the home on Peachtree Street is the sole survivor in the central business district of Atlanta’s era of grand residential development before the commercial transformation of Peachtree had begun.

The house’s red-brick exterior consists of bayed and multi-gabled facades. The front steps are made of carved marble that ascend from the sidewalk to the front porch. The home stands out against the backdrop of modern skyscrapers on Atlanta’s busiest and most famous street.

UC Asset acquired the historical building on July 7, 2021 and had considered the costs of full restoration before the acquisition. After consulting with an expert inspection, the real estate investment partnership believes the costs of renovation will be lower because the main structure of the building is in such good shape, even after 120 years. The majority of the home’s windows, doors, fireplaces, and stairways remain original and intact and will require less repair work. The interior of the home may require less remodeling to fit into the company's plan for future use.

UC Asset will be working with leading local companies and nonprofits for the restoration and refurbishment project on the Rufus Rose House.

The real estate investment company also plans to work with technology partners to issue real estate NFTs representing certain artistic and proprietary rights of the historic Rufus Rose House. These NFTs, based on cryptocurrency Ethereum, will likely be the first of its kind, representing proprietary rights as both a piece of digital artwork and a piece of real estate. In this partnership, UC Asset will receive 95% of net proceeds from the sale of the NFTs. These proceeds will go toward funding the refurbishment and restoration of the Rufus Rose House until the building is fully preserved.

Though UC Asset has not released any official plans for the restoration of the home, the refurbished Rufus Rose House is posed to attract the attention of the 50-60 million visitors and tourists to Atlanta each year.

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