Purdue to acquire Canal Square Apartments in downtown Indianapolis

INDIANAPOLIS — Purdue University is continuing to enhance the urban experience for students in Indianapolis with the acquisition of a downtown apartment complex. On Friday (Oct. 10), the Purdue Board of Trustees approved the university’s intent to purchase Canal Square Apartments, located at 359 N. West St., from the Purdue Research Foundation, pending its successful acquisition.

The four-story, 3.63-acre complex will continue to offer students and professionals the opportunity to reside in and enjoy one of the most vibrant and culturally significant areas in the entire city, located a short walk from academic buildings on the existing 28-acre footprint of Purdue’s expansion in Indianapolis. Current tenants’ leases will be honored through the transition.

The purchase is the latest example of Purdue’s active engagement downtown given the building’s proximity to one of the city’s most frequented public spaces. It is located on the downtown portion of the historic Indianapolis Canal Walk — a three-mile loop that runs from 11th Street to White River State Park and includes lush green space and many amenities that make it a popular destination for both Indianapolis residents and visitors.

“This city offers Purdue students more than just the classroom, it offers a vibrant downtown environment for experiential learning, and acquiring this complex is part of our long-term effort to enhance their overall experience of living, working and studying here,” said Michael B. Cline, senior vice president for administrative operations at Purdue and chief operating officer for the Indianapolis location starting in January.

The 400,000-square-foot apartment building currently includes 479 beds in 320 units with direct access to the Indianapolis Canal Walk. The complex offers unique canal frontage to the east and is bordered by West Street to the west, New York Street to the south and Vermont Street to the north.

Over the course of this year, Purdue has added several other properties adjacent to campus and along the West Street corridor to continue building out the Indianapolis expansion. The facility at 518-520 Indiana Ave., which was acquired in February, was recently launched as the Student Center, a social hub for Purdue students in Indianapolis to study and gather, along with space for the library, a writing lab and student success support services. The university also announced Friday (Oct. 10) that it is initiating the transfer of the property at 501 Indiana Ave. from the Purdue Research Foundation, and last January the Purdue Research Foundation acquired the property at 401 W. Michigan St.  

The Canal Square Apartments’ acquisition aligns with the campus master plan for Indianapolis, which was introduced in June and provides a 50-year framework for development. As its downtown presence grows, Purdue is continuing to work and engage with several neighborhood partners, including the Indianapolis Cultural Trail and the Indiana Avenue Historic District, to ensure collaboration and a shared vision that benefits neighbors and the surrounding community.

About Purdue University

Purdue University is a public research university leading with excellence at scale. Ranked among top 10 public universities in the United States, Purdue discovers, disseminates and deploys knowledge with a quality and at a scale second to none. More than 106,000 students study at Purdue across multiple campuses, locations and modalities, including more than 57,000 at our main campus locations in West Lafayette and Indianapolis. Committed to affordability and accessibility, Purdue’s main campus has frozen tuition 14 years in a row. See how Purdue never stops in the persistent pursuit of the next giant leap — including its integrated, comprehensive Indianapolis urban expansion; the Mitch Daniels School of Business; Purdue Computes; and the One Health initiative — at https://www.purdue.edu/president/strategic-initiatives.