First, some hints. It's doubtful that anyone under 55 can identify this building. That means it was razed sometime in the 1960s.
With a smokestack like this, it must have produced lots of power for several buildings.
Too bad there aren't other clues in the photo, except for what appears to be a 1950 or '51 Chevolet parked near the building.
Here's what we have: the Bluffton College power plant. It was located on the Riley floodplain facing College Avenue. Founders Hall would be on the left and up the hill.