The iconic, hulking Lafayette Towers in Detroit won’t go on the auction block Wednesday because the city of Detroit has postponed the sale, according to the U.S. Department of Housing and Urban Development.
City officials want to find a responsible owner who won’t let the twin high-rises fall into foreclosure like they did in February. Built in 1961, the towers need an estimated $10 million in repairs. The buildings could fetch more than $20 million.
The buildings, which have more than 580 cube-shaped apartments, were designed by famed German architect Mies van der Rohe and anchor Lafayette Park.
The auction is now set for July 25.
Steve Neavling lives and works in Detroit as an investigative journalist. His stories have uncovered corruption, led to arrests and reforms and prompted FBI investigations.