The building will require renovations before the school opens in August.
Ball State University will not renew its contract with seven schools in Gary, Indianapolis, Fort Wayne and Richmond for the 2013-14 academic year.
More than 60 percent of Ball State University's charters either dropped a grade this past year or maintained a failing grade.
The Walton Family Foundation has become one of the most active contributors to school choice initiatives in the nation.
Even before Governor Daniels signed into law measures creating a statewide private school voucher program and making it easier to open charter schools.
Private and charter school advocates organized a rally for students at the Indiana statehouse Wednesday.
A new law passed last year allows charter schools to buy unused school property for $1 and charter schools have not been shy about hunting these schools down.
The Indianapolis area has half the state's charter schools with 23.
What happens when a small town in southeastern Indiana loses its public school and residents attempt against all odds to replace it with a charter school?
Stonegate Early College High School plans to close its doors December 16 because of low enrollment.