Last time we checked in on the Lafayette Towers auction, which was to be handled by HUD, it was just "postponed." Now it is officially cancelled, according to the HUD auction page. We talked to Karla Henderson at the Mayor's office to see what was up with the two foreclosed towers designed by famous architect Mies Van Der Rohe. Will a buyer be found?
To recap, HUD was supposed to auction the Towers on July 18, but the city of Detroit used its power of first right of refusal to push that back a week. The City was working to find a buyer that they more-or-less hand-picked in hopes that this Detroit gem would not experience what happened last time, that being a buyer that could not handle it. (The last owners, The Northern Group, lost several buildings in the area to foreclosure, not to mention totally wrecked original Mies details in the lobby, angering local blogger Supergay Detroit).
As of our conversation today, the city is still in talks with three potential buyers, two local ones and one based in New York, that they feel can manage Lafayette Towers. As a result, HUD cancelled the auction giving the city a few more weeks to resolve the sale. They won't name the prospective but we'll keep you posted as soon and a buyer emerges. (Guesses welcome in the meantime). We're sure the residents of the 584 apartments are ready to know what the deal is already, and when the new owner will be getting to that lengthy list of repairs which HUD detailed in preparation for the sale.
· (UPDATED) Lafayette Towers Sale Postponed As City Uses Powers to Stall Sale, Help HUD Find Buyer [Curbed]
· Lafayette Towers To Be Sold At Foreclosure Auction On July 18 [Curbed Detroit]
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