Detroit to Auction Landmark Lafayette Towers

One of Detroit’s landmarks, the Lafayette Towers, has been foreclosed and is set to be auctioned.

*Detroit has seen some miserable times since giving a chance to Kwame Kilpatrick.

But its woes didn’t really start with him. The city began to decline with Dennis Archer and the selling off of the downtown area. As soon as Mayor Coleman Young was forced to hand over the reins of the city to Archer the outside developers moved in overnight and so did casino after casino. The multiple casinos, in my opinion, began to inadvertently drain the resources of the community.

But one major deal that’s gone south in the city is the properties sold to the Northern Group Inc. back in 2005 (during Kwame’s administration). According to the Detroit News, the New York based company bought three major downtown properties: Penobscot Building, Lafayette Towers and the Alden Park Towers apartments on East Jefferson. Now, Lafayette Towers has been foreclosed and is set to be auctioned next week, July 18. (more…)