It was built in 1923 and occupied a triangular lot, bordered by Michigan Avenue, West Lafayette Boulevard, and Shelby Street.

[3] The Peebles Atlantic Development Corporation announced on December 15, 2005, that it planned to convert the Lafayette into one of Detroit's premier condominium buildings at a cost of more than $40 million.

The Ferchill Group, which developed the Westin Book Cadillac, and Dan Gilbert of Quicken Loans were touted as possible saviors.

Quicken had a year to choose the site of their headquarters (Hudson or Statler/Tuller Blocks) and to study the redevelopment of two parking lots on Library and Broadway and the Lafayette Building.

Despite earlier redevelopment plans, the building remained vacant for more than a decade and was heavily vandalized and neglected; trees were even growing from its roof.

However, shortly after the deadline came, Detroit Mayor Kenneth Cockrel, Jr. canceled demolition plans due to a public outcry to save the landmark.

But, on August 15, 2009, it was announced that Dionysia Properties LLC failed to obtain a reprieve for the Lafayette Building, and demolition moved forward.

On February 24, 2010, at 4:30 AM EST, the east tower of the 14-story portion of the building was leveled to the ground when it twisted towards the north and then collapsed resulting in smoke blanketing the surrounding block.