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FOR IMMEDIATE RELEASE

February 27, 2020

Armco Capital transfers ownership of its Willow Tree Tower property

A new Parkland Lifestyle Residences community, owned by the Shannex group of companies, will offer a new option for active adults in one of Halifax’s most beautiful and iconic neighbourhoods

HALIFAX, N.S. – Armco Capital announced today it has transferred ownership of its property at the corner of Robie Street and Quinpool Road to the Shannex group of companies.

The sales agreement ensures all parameters approved by Halifax Regional Council in October 2019 will be adhered to, including the 25-storey building height, integrated bus shelter, setbacks to enhance the pedestrian experience and the $1.8 million contribution to the municipality’s affordable housing fund.

“I have known Joe Shannon and his family for many years. It is an honour and a privilege to pass on the stewardship of the development of this property to such a great person and organization,” says Armco Capital Founder, George Armoyan. “I am grateful to my team in Halifax who have brought the property to this stage and I look forward to their continued work as they shift their focus to our other exciting development projects in Atlantic Canada.”

“We are grateful to George Armoyan and his Armco Capital team for choosing Parkland to assume ownership of this sought-after development opportunity,” said Jason Shannon, President and Chief Operating Officer at Shannex Inc. “This active adult living community will be the first of its kind in the region and is based on the concept we are using in our new locations in Ontario. We have considered every detail to enrich the lives of residents who are looking for a lifestyle and a variety of suite options and amenities with the convenience of being able to purchase additional services as they choose.”

Expected to open in 2024, the building will feature spacious suites, stunning views, multiple restaurants a spa, fitness centre, simulation and virtual reality rooms, library, games room and multiple outdoor spaces.

An information session will be held in the coming weeks and a project information page can be found here. Interested parties can also sign up to receive an electronic newsletter for updates on the project.

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Parkland is a division of Shannex RLC Limited, a family-owned company with Maritime roots serving residents for more than 30 years. With retirement locations in Nova Scotia, New Brunswick and Ontario, residents experience an exceptional way to live at Parkland. Visit experienceparkland.com for more information.

Founded in 1982 by members of the Armoyan family, Armco Capital Inc. has grown from a small business run almost entirely by two brothers into a diversified and dynamic group of companies. Among the largest organizations of its kind in Atlantic Canada, Armco Capital is the development subsidiary of G2S2 Capital Inc., a privately held investment company focused on creating value across a variety of businesses with a long term horizon. Visit armcocapital.com for more information

For more information:

Shannex Inc.

Katherine VanBuskirk

902-406-8297

 

Armco Capital

Adam McLean

902-209-5145