Indianapolis-based Platinum Properties Management Co.’s plans call for the Westbrook townhouse community to be built on 19 acres on the northeast side of the intersection of Moontown Road and Castamere Drive.
The BZA voted 3-2 to approve a zoning variance that will allow Noblesville-based Beaver Materials to dig a pit and extract sand, gravel and minerals on about 68 acres of farmland.
Noblesville Economic Development Director Andrew Murray told the council that the developers plan to invest $475 million in the project, which is expected to have a $700 million market value when completed.
The Noblesville Plan Commission voted against a gravel pit planned at Potter Bridge Park that would be converted to a park district lake in five years.