Trustees approve strategic Indianapolis property purchases

INDIANAPOLIS — The Purdue University Board of Trustees on Friday (Oct. 10) approved two property purchases from the Purdue Research Foundation (PRF) positioned at strategic locations adjacent to existing Indianapolis operations.

Under the approved agreement, PRF will acquire Canal Square Apartments from Canal Square Associates LP with the goal to close before the end of the 2025 calendar year. In the coming months, the university will execute the acquisition of Canal Square Apartments from PRF. University ownership will require state approval.

Canal Square Apartments is a four-story, 400,000-square-foot housing complex on 3.63 acres featuring 479 beds in 320 units, a parking garage with 441 spaces and commercial/retail space along the Indianapolis Canal Walk.

Adding university housing is consistent with the successful expansion in Indianapolis of Purdue Moves strategies showing the provision of on-campus living benefiting student achievement and overall student affordability. Adding the Canal Square Apartments represents another step in the university’s commitment to expanding its presence and enhancing the residential experience in Indianapolis.

Trustees also approved the acquisition of 501 Indiana Ave., which is 1.5 acres of developable land along the Indianapolis Canal Walk and contains a surface parking lot. Purdue plans to use the property for student-focused activities and parking while maintaining availability for future redevelopment. University ownership will require state approval.

These purchases provide space for campus growth beyond the 28 acres that are long-term ground leased from Indiana University. They align with the Campus Master Plan for Indianapolis, which was introduced in June and provides a 50-year framework for development.

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.