Feds to auction foreclosed Lafayette Towers landmark
Detroit —The riverfront landmark Lafayette Towers has fallen into foreclosure and set to be auctioned by federal authorities in two weeks, according to a notice posted by the U.S. Dept. of Housing and Urban Development.
Financial details weren't immediately available, but successful bidders on the luxury high-rise will need to post more than $2.5 million in escrow for repairs scheduled to be completed in 18 months.
Originally designed as an apartment building when it was constructed in 1961, the two 22-story buildings contain 584 units and are located on nearly 10 acres in the Mies van der Rohe Residential District on the Detroit River. Notable residents have included Motown star Diana Ross.
The auction is set for 10 a.m. July 18 in the first floor of the Coleman A. Young Municipal Center, 2 Woodward Ave., Detroit.
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