By Vanessa Quirk
Click here for the original article on ArchDaily

No architectural gem is safe from Detroitās foreclosure crisis ā not even two of Mies Van der Roheās very own creations. The Lafayette Towers, two 22-story towers of 584 units, originally part of a major urban redevelopment project in the late 50s early 60s, are up for auction July 18th.
But be warned, there is a catchā¦
The Department of Housing and Urban Development (HUD), who are running the auction, have some very detailed clauses for the Towersā future owners. $10 million dollars worth of clauses, to be exact.
Within 18 months, the owners must complete a laundry list of reparations (including replacing bathtubs and installing peepholes). And to make sure youāre on-task, HUD will require you to send quarterly progress reports (with pictures of course) and put down $2.5 million dollars as a kind of deposit.
As ArtInfo puts it, āHUDās comprehensive list of repairs is a fine print nightmare for developers but a blessing for Miesās 1960s-era architecture.ā Perhaps this foreclosure may just be a blessing in disguise.
Story via ArtInfo, Curbed Detroit, Archinect
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Posted: 07/07/2012 10:51 am Updated: 07/07/2012 10:51 am


