Detroit's Historic Preservation Battle

If you live in the city of Detroit and make it a point to keep current on local events, then you've probably become afloat in a sea of preservation news. With one of the of country's largest stock of pre-WWII beaux-arts, art-deco, and neo-classical architecture, Detroit remains ground zero for urban historic preservation. Unfortunately, an abysmal municipal budget deficit and shrinking tax base have made it all but easy for the city of Detroit to rehab its buildings alone, and everyone from the National Trust For Historic Preservation to Next American City Magazine have taken notice our diamonds in the rough.

The most recent tower to fall victim to demolition scrutiny is the Lafayette Building. Located at 144 West Lafayette Boulevard, behind the Book Cadillac Hotel (a luxurious tower that successfully thwarted the wrecking ball), the Lafayette Building has been deemed a lost cause by the Detroit Economic Growth Corporation. However, Richard Hosey, who is Senior Vice President of Bank of America's regional Detroit office, disagrees with this assertion and Crains Detroit Business examines his formula that tests the rehab viability for the Lafayette Building.

Read the entire article here if you have a subscription to Crain's. If you don't have a subscription to Crain's, you can access the re-post at Detroit Yes.