Tagged: housing and urban development

The Detroit landmark Lafayette Towers has fallen into foreclosure and is set to be auctioned by federal authorities in two weeks.

The Detroit News says financial details were not immediately available in the notice posted by the U.S. Dept. of Housing and Urban Development.

Successful bidders on the luxury high-rise will need to post more than $2.5 million in escrow for an estimated $10 million in repairs required to be completed in 18 months.

The apartment towers were constructed in the 1960s. The two 22-story, river-view buildings contain 584 units located on nearly 10 acres in the Mies van der Rohe Residential District.

The auction is set for 10 a.m. July 18 in the first floor of the Coleman A. Young Municipal Center.

Tonight, the Lansing City Council will begin weighing in on a  land swap deal that’s pitted two local colleges against each other.    A final council decision may come next month.

 Officials with Lansing Community College have been complaining that they didn’t get a chance to bid on the Old Oliver Towers apartment building before city officials cut a deal with Davenport University.