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A property at the corner of Robie Street and Quinpool Road in Halifax is set to become an active adult living community.

Armco Capital announced on Thursday that the property where the current Willow Tree Tower sits is being sold to the Shannex group.

A spokesperson for Armco would not disclose the price but says they were approached by Shannex about the purchase in December.

“We only had the development agreement approved in November, so it was shortly after we got it approved that (Shannex) approached us,” said Armco spokesperson Adam McLean.

READ MORE: Willow Tree Tower developer to pay city $1.8M instead of including 20 affordable housing units

In October, Halifax Regional Council voted in favour of accepting $1.8 million from Armco in lieu of building 20 affordable housing units in the proposed 25-storey complex.

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Council said the money will be placed into a new affordable housing fund.

Armco says the new sales agreement ensures all parameters approved by council will be adhered to, including the 25-storey building height, integrated bus shelter, setbacks to enhance the pedestrian experience, and the $1.8 million.

2:05 Halifax Regional Council to accept cash payment from developer instead of building affordable housing units Halifax Regional Council to accept cash payment from developer instead of building affordable housing units

Jason Shannon, president and chief operating officer at Shannex Inc., says the success of Parkland at the Gardens in downtown Halifax made them want to open another in the area.

“There’s a long waiting list for us there, so for us getting a second location downtown was very important,” Shannon said. “We certainly attempted to be a part of other bids in the area and were not able to secure a location, so it was just really being persistent.”

“We thought it was a great location for our clients … it really checks all the boxes.”

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Shannon says the new property will open in 2024.

Demolition of the Willow Tree Tower is set to begin in March or April. Shannon expects the demolition will take seven to nine months.

“We’re literally removing it brick-by-brick,” Shannon said. “That’s the formula we have to use at that location, so that’s what we’re doing.”

READ MORE: Feds, province to invest $394.2M in improving housing affordability in Nova Scotia

A public information session for those living in the area will be held in the near future to let local residents know what the plans are for demolition.

A design of the new building has not yet been completed.