Plans have officially been approved to turn a historic Poughkeepsie restaurant into a credit union. The Poughkeepsie Journal reports the town planning board approved the proposal and architectural review Thursday night.

Hudson Valley Federal Credit Union is currently going through the transfer of ownership process with the previous owners. The building will be demolished, although there are plans to take the site's history into consideration when constructing the new facility.

According to town historian John Pinna, the site served as a toll along the King's Highway when the US was still under British rule. Known as the Westervelt House, toll collections continued after the Revolutionary War. However, due to numerous renovations over the years, the site was ineligible for historic designation.

Back in September, owners denied the property was for sale. It's unclear what changed since then, or if they were simply keeping their plans private at the time.