DETROIT—The Detroit Economic Growth Corporation (DCGC), on the behalf of the City of Detroit, is requesting proposals for a developer to purchase and renovate Lafayette Towers, a high-rise apartment complex east of downtown in the Mies Van der Rohe residential district.
The complex is available because the City of Detroit has agreed to purchase it through the U.S. Dept. of Housing and Urban Development (HUD) in a foreclosure action. DEGC expects the sale to the city will close in mid-November, with a simultaneous closing of the sale to the entity selected.
HUD is requiring the purchaser to make a minimum level of repairs to the property, estimated to cost approximately $10 million and to be completed within 18 months of closing. A minimum bid of more than $5.8 million is being required by the city.
Located at 1301 and 1321 Orleans Street, the two towers, comprised of 22 stories each, were designed by Van der Rohe and completed in 1963. In 1996, the property was added to the National Register of Historic Places.
Comprised of 584 units, the property includes a fitness center, laundry room, community space, pool and garage.