On Tuesday, the Noblesville Common Council unanimously approved a zoning change for the former Marsh supermarket property located on River Road just north of State Road 32.
Noblesville officials announced the city will issue $8 million in bonds to be repaid with captured property taxes over 25 years from a newly created tax increment financing (TIF) district.
The project is described as a mostly one- and two-bedroom luxury apartment complex that will include swimming pool, exercise room, bike storage, fitness classes, massage room and outdoor grills.
Council approval now opens the door for construction to begin before the end of 2020.
A multi-story office building to be located at the north end of the property is also in the plans.