MANKATO, Minn. — The two towers of a high-rise dormitory at Minnesota State University-Mankato are coming down this weekend.

The 12-story towers of the Gage Residence Community are set to be imploded at 9:30 a.m. Saturday, after a speech from the university's president, Richard Davenport.

The site will be redeveloped for parking. Two new buildings have already replaced the dormitory, after the university decided it was cheaper to build new, more modern on-campus housing than rehabilitate the old complex.

School officials estimate the Gage Towers were home to more than 50,000 students since they opened in 1965. The complex closed last August after the Minnesota Vikings' training camp.

The implosion will be streamed live on the university's website starting at 8:30 a.m., and the school is prepared for thousands of spectators.