New owner investing $15M to renovate Detroit's Lafayette Towers

Lafayette Towers has been around since the early sixties, but now its new owner has plans to recapture it's former glory.

"To see the city coming back and exciting things happening within its city center, it's just phenomenal.  It's what I've been waiting on for the last 20, 25 years," said Gregory Jackson.

He is the new owner of Detroit's Lafayette Towers, a nearly 600 unit apartment complex built in the sixties and designed by renowned architect Mies Van Der Rohe.  It's just steps from downtown Detroit, a full service grocery store and offers killer views of the city.

Jackson walked me through his plans for what he calls one of Detroit's jewels.

"We've got to put the dress back on Cinderella," he said.

The Prestige Automotive CEO bought the recently foreclosed property last December for nearly $6 million.  He's investing another $15 million in what he calls a makeover, revamping everything from the HVAC systems to the units themselves.  He's even designing a new fitness center and Internet cafe all to create a community everyone from young professionals to retirees will want to call home.

"My vision is having people sitting around in the lobby with their iPads and whatnot.  They're having a coffee," said Jackson.  "I see a new Detroit when I see the Lafayette Towers today."

"Detroit is where I grew up.  Detroit is home," he added.  "To be a part of it and invest in it is just a natural for me.  It's what I and all true Detroiters should do if they have an opportunity."

Jackson told me that the renovations should take about 18 months to complete.  For more information, you can visit www.lafayette-towers.com.