On Friday, school officials will be asking the Board of Trustees to approve demolition of the Statesman Towers.
Built in the 1960's, the buildings served as student housing, and then as the home of the business college.
It will cost around $4 million to tear down the 15-story structures, but ISU officials say it will save the school money in the long run.
"In order to maximize the use of space on campus and to reduce operating costs the towers needed to come down and so that's what we're going to be doing here over the next few months," said Diann McKee, vice president of business affairs.
Officials say after the demolition there are no current plans to develop the site.