Iconic Detroit Apartment Buildings In Foreclosure
DETROIT (WWJ) – The iconic twin apartment buildings in downtown Detroit known as the Lafayette Towers are in foreclosure.
WWJ’s Sandra McNeill reports that for the residents they are decent, affordable apartments downtown, but the Towers are in foreclosure and on July 18 they will go up for auction.
Residents like Jim Backee say that the foreclosure is news to him.
“Holy cow, don’t have far to go (until the auction date) better start packing,” laughed Backee.
Backee says that he thinks the building is in good shape and he has a beautiful apartment. “I love it there, everything is right around this area , the VA Hospital for me, can’t beat it,” he said.
Another man, who would not go on the record, said he was an interested buyer.
He says the purchase requires $2.5 million in escrow, toward $10 million in repairs.
Resident Greg Tate says he’d like to move but he can’t find another apartment for the same price.
The Lafayette Towers were designed by renouned architech Mies van der Rohe. Foreclosure papers show the financially strapped towers need ten million dollars in repair.