Indy firm proposes redevelopment of ISU towers

Indiana State University is putting on hold its plans to demolish two 15-story former residence halls on the Terre Haute campus after an Indianapolis-based developer proposed taking them over.

University officials had planned a $4 million demolition of the Statesman Towers over the school's winter break.

Indiana State vice president Diann McKee told the Tribune-Star that the demolition has been called off while officials consider a plan from Core Redevelopment LLC.

McKee declined to give details on the proposal, but said some sort of housing project would be the most suitable use for the 45-year-old towers, which total 320,000 square feet.

Core Redevelopment is known for the conversion of the former Bush Stadium baseball field in Indianapolis into an apartment complex called Stadium Lofts. Its other apartment redevelopment projects include Chapel Knoll, Chelsea Manor, Harding Street Lofts and Senate Manor.

John Watson, Core Redevelopment managing member, said he didn't want to discuss the Statesman Tower proposal while the university considers it.

"We're very excited about the Terre Haute market and creating some housing in Terre Haute," Watson said. "I don't know what it will be or what will happen, but we are working on finding a project in Terre Haute."

The towers were built in the 1960s as residence halls and later were converted to academic classrooms for the colleges of education and business. The Bayh College of Education moved to another building in 2009 and the Scott College of Business moved last year into a remodeled former federal building that was just off the 12,000-student campus.

McKee said it could be several months before a decision is made about the towers.

If the towers are redeveloped, "it would not be anything that would be operated or managed by the university," McKee said.