The building that once housed Home Hospital is being sold and demolished.

Franciscan Saint Elizabeth Health President and CEO Terry Wilson announced the deal with an Indianapolis-based partnership, known as Columbian Park Redevelopment, LLC.

He says the old hospital holds many memories for a lot of people in the community, but a fresh start is needed at the site.

"We all know, we're very confident that it's the right thing for our organization. It's the right thing for that neighborhood. It's the right thing for the community."

Wilson says the new owners want to start work at the site this year. He says they plan to salvage as much of the material as possible. The sales contract is expected to be finalized next month.

Lafayette Mayor Tony Roswarski agrees the best thing to do is remove the old building and allow new things to go up. He says he’s eager to work with the buyers.

"It is a privately owned piece of property, so we don't have the direct say what's there, but they probably will need some changes in zoning and other things like that, which will give us an opportunity to have a say."

The selling price of the property was not disclosed. It covers a little more than 20 acres of land.