The rights for a prospective new seniors complex in Halifax’s downtown core was sold for $16.5 million.
The sale of the current Willow Tree Tower — located at the corner of Robie Street and Quinpool Road, between Armco Capital and Shannex — was announced Thursday.
Although a price was not announced at the time, an updated assessment on Property Services Evaluation Corporation indicates 6009 Quinpool Rd. and the adjacent 2017 Parker St. were sold for $16.5 million.
READ MORE: Halifax’s Willow Tree Tower site to become seniors home
The figure was first reported by SaltWire.
A spokesperson for Armco told Global News on Thursday that 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.
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.
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.
Jason Shannon, president and chief operating officer at Shannex Inc., said last week that 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.”
READ MORE: Feds, province to invest $394.2M in improving housing affordability in Nova Scotia
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.”
The design of the new building has not yet been completed.
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