Mies van der Rohe’s Lafayette Towers are up for sale. It’s a striking reminder of the symbiosis between cities and iconic architecture—one which speaks to the mercurial nature of Detroit’s real estate market since World War II. The twin high-rises were foreclosed in February, and will go up for auction later this month. All 584 apartment units will go to the highest bidder July 18, but this is no ordinary sale. The Department of Housing and Urban Development will require the lucky winner to spend more than $10 million on an 80-page list of renovations to the historic buildings, and invest $2.5 million in an escrow account for HUD to hedge their risk.
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