The landmark Lafayette Towers in Detroit has fallen into foreclosure and is set to be auctioned by federal authorities in two weeks.
The high-rise apartment complex on Orleans Street is listed on the U.S. Dept. of Housing and Urban Development site: HUD listing for Lafayette Towers.
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 1961. 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.