It seems the water tower wanted some privacy, and moved to the edge of town.
The building on the left looks as if it had a hard life; built without ornamentation, or had it stripped off. Looks like part of the third floor was resurfaced. It was a hotel: o what a jolly night you could have there.
Note the modernization on the bank building: they resurfaced the whole thing with granite or marble. It gave downtown a little lift, but it divorced the bottom floor from the top. Drive around it, zoom in - you'll see some nice trim that suggests its owner was willing to spend a bit more to beautify the little town.