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Detroit solicits applications for new owner of Lafayette Towers

Looking for your chance to own a major of architecture by one of the world's most renowned architects? Detroit has your opportunity.

The city has taken control of the Lafayette Towers, a marquee part of the Lafayette Park neighborhood designed by world-famous architect Ludwig Mies van der Rohe. The apartment building had been foreclosed on by the U.S. Dept. of Housing & Urban Development and handed over to the city of Detroit to find a new owner. The Detroit Economic Growth Corp is soliciting redevelopment proposals for the city.

This high-rise apartment complex consists of two, 22-story buildings on nearly 10 acres of green space. The complex offers 584 market-rate apartments, along with a fitness center, laundry room, community space, pool and parking garage. A solid majority of the complex is leased and the city is looking for a developer with deep pockets to take over the complex and maintain it as a residential area.

"Somebody has to come in with a minimum of $16 million in financing," says Bob Rossbach, a spokesman for the Detroit Economic Growth Corp. "This is a going concern that is significantly rented."

For information on the request for proposals send an email to tdsmith@degc.org or click here.

Source: Bob Rossbach, a spokesman for the Detroit Economic Growth Corp
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.
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