Purdue University plans to purchase two downtown apartment buildings near its Purdue in Indianapolis campus downtown.
The two complexes are Canal Square Apartments, at 359 N. West St., and 501 Indiana Ave. The Indiana Avenue project is currently under construction and scheduled to be completed in August 2027.Â
The university’s board of trustees approved the purchase Oct. 10. The Purdue Research Foundation, a nonprofit that supports and funds Purdue projects, currently owns both properties.
Purdue is looking to expand its student population in Indianapolis since the university split from IU Indianapolis last summer. In the short term, Purdue wants to have about 6,000 students enrolled in Indianapolis. This fall, there are just over 2,600, according to university enrollment data. Â
The $70-million purchase of Canal Square will add over 300 apartments and space for 479 students, according to a Purdue news release.Â
About 90% of students who live in Canal Square currently are either IU or Purdue in Indy students. Current tenants who are not students, as well as IU Indianapolis students, will be able to continue living at Canal Square in the short term, even as it transitions to Purdue ownership.Â
However, the university may eventually convert the canal apartments into a Purdue dorm, trustee Michael Klipsch said in the Oct. 10 meeting.
Purdue is currently working through a property management plan with Barrett and Stokely, which manages Canal Square. The university is estimating that it’ll close on the canal apartments in spring 2026 and have students move in next fall. However, both purchases will require approval from the state.Â
As for the Indiana Avenue development, Purdue’s already tapped some of that building for campus housing.
Last year, the university’s Board of Trustees approved a $28-million lease for about two-thirds of 501 Indiana Avenue to use for student housing. Plans for the building, including what will happen to the lease, are still being figured out, according to Purdue spokesperson Derek Schultz.Â
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Claire Rafford covers higher education for Mirror Indy in partnership with Open Campus. Contact Claire by email claire.rafford@mirrorindy.org, at 317-759-0249 or on most social media @clairerafford.
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