A quarry in north-west Brisbane is likely to shut down so a $313 million redevelopment with up to 700 dwellings can be built on the site.

On Tuesday, Brisbane City Council’s city planning committee gave the green light to the proposal from developer Brookfield Residential Properties to transform the 49-hectare quarry site on Settlement Road, Keperra.

A master planned site has been approved at the Keperra quarry

The developer submitted a development application for preliminary approval to the council in March 2016, proposing the master-planned site with residential and recreational land, including a potential rock climbing site.

The quarry is currently operating and has been producing granite products for more than 60 years.