Ridley Tower in Marion wins restoration prize
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Indiana Landmarks is awarding its Renaissance Award to the developer behind the $9 million restoration of the historic Marion National Bank, now known as Ridley Tower. The award is given in recognition of “the revitalization of long-decaying historic properties.”
The seven-story building at the corner of Washington and Fourth Streets was built in 1917 and was placed on Indiana Landmarks’ 10 Most Endangered list exactly 100 years later after falling into disrepair.
The building was acquired in 2018 by architect Michael Halstead and Lisa Lanham of Halstead Development. It has since been transformed into Ridley Tower, a mixed-use property with market-rate housing and retail space.
Indiana Landmarks said in a news release that Ridley Tower now serves as an anchor of Marion’s downtown historic district, which is listed on the National Register of Historic Places.
“Halstead Development’s revitalization of the Marion National Bank in downtown was nothing short of heroic,” Indiana Landmarks President Marsh Davis said in a news release. “In choosing it to receive our Renaissance Award, we salute the vision and investment it took to transform this previously deteriorated property into a remarkable community asset.”
The developer was able to make use of Federal Historic Tax Credits to help finance the project, which included complete replacement of the building’s plumbing, heating and electrical systems, as well as repairing the terra cotta façade.
The lobby of the building now includes an ice cream and coffee shop, while an attached 1890s building next door was transformed into a barbecue restaurant. Floors three through seven now feature 30 market-rate apartments, and there is also space used as offices for insurance and realty companies, as well as Halstead Architects.
“It’s such a beautiful building. It was obvious if someone would just take care of it that it was worth revitalizing,” said Michael Halstead, president of Halstead Development & Halstead Architects. “This award is a nice seal of approval now that it’s done and ready for the next 100 years.”
Indiana Landmarks will officially present the award to Halstead Development at its annual meeting and awards ceremony on Sept. 7.