Fishers-based Boomerang Development LLC got the go-ahead Tuesday to proceed with its plans for Noble East of Noblesville, a $150 million master-planned community near Klipsch Music Center.
Nearly 500 single-family homes are planned in three neighborhoods north of 156th Street on either side of Boden Road. The 260-acre project is expected to be developed in phases over about eight years.
Most of the houses are expected to sell for $275,000 to $325,000, developer Corby Thompson told the Noblesville Common Council this month. But homes along Lehr Creek, a waterway that runs through the property, could cost about twice as much.
Ryland Homes and Pulte Homes have signed on as builders.
Noble East is adjacent to 200 acres of city-owned land slated to become a public park. That proximity allowed Boomerang to take advantage of Noblesville’s new policy allowing developers to reduce open-space requirements in residential areas near parks.
When the land is platted, Boomerang will pay the city to reclaim almost 12 acres that otherwise could not have been developed. Thompson expects that payment and other park impact fees for the project to total about $1 million.
Noblesville must use the money to begin building the park, which Thompson expects to draw prospective homebuyers.
Other proposed amenities in Willow Creek, Blue Ridge Creek and Copperleaf: community gardens, on-site day care and a paved, Monon-like trail running along the creek.
Boomerang also is working on another project on the other side of town. The developer broke ground in December on Lake Forest of Noblesville, a 144-lot subdivision it’s building at the northwest corner of 161st Street and Hazel Dell Parkway.