NEWS
Historic Marion Bank Shines As Revitalized Downtown Anchor
Restoration of the historic Marion National Bank into a mixed-use development known as Ridley Tower won Indiana Landmarks’ Renaissance Award.
Towering Success
When it landed on Indiana Landmarks’ 10 Most Endangered list in 2017, the historic Marion National Bank at the corner of Washington and Fourth streets in Marion languished in the hands of an out-of-state owner unwilling to invest in repairs. Today, the gleaming white building shines as a revitalized downtown anchor following a $9 million restoration by Halstead Development into Ridley Tower, a transformation that earned Indiana Landmarks’ 2024 Renaissance Award.
Designed by Indianapolis architecture firm D.A. Bohlen and Son, the Neoclassical Revival-style building incorporated a vaulted two-story lobby with massive classical columns, plaster ornament, marble floors, and teller stations. Though the first floor continued to serve as a bank until 2016, the upper floors had been vacant for at least a decade, with falling plaster and moldy carpets caused by long-term roof leaks.
Architect Michael Halstead and Lisa Lanham of Halstead Development bought the property in 2018 with plans to adapt the building for a mix of housing and retail. The restoration revived the bank lobby’s remarkably intact features, but the building’s glazed terra cotta façade presented the biggest restoration challenge. Heritage Masonry Restoration of Indianapolis stabilized existing tiles and installed replica pieces created by an Ohio supplier.
On the upper floors, workers repaired terrazzo floors and original doors and trim, and removed drop ceilings to return spaces to their original heights. Throughout the structure, new plumbing, heating, and electrical systems were woven seamlessly behind plaster walls and ceilings. Use of the Federal Historic Tax Credit prioritized retaining the bank’s significant historic features while adding modern amenities, including a new stairwell connecting all floors of the building.
An ice cream and coffee shop now occupies the lobby, while an attached 1890s building houses a barbecue restaurant. Upper floors hold the first market-rate downtown apartments in 35 years. The building also houses offices for insurance and realty companies, as well as Halstead Architects, whose move into the building in June 2023 marked the project’s completion.
“Halstead Development’s revitalization of the Marion National Bank in downtown was nothing short of heroic,’” says Marsh Davis, president of Indiana Landmarks. “In choosing it to receive our Renaissance Award, we salute the vision and investment it took to transform this property into a remarkable community asset.”
This article first appeared in the July/August 2024 issue of Indiana Preservation, Indiana Landmarks’ member magazine. Learn more and subscribe.
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