Banks, a MasterChef: The Professionals 2018 finalist, confirmed on Instagram over the weekend that the restaurant had taken over 1 Golf Place in the seaside town, and work was underway to renovate the property.
He said: "We are going to put our stamp on the interior of this beautiful building and are currently under way with renovations.
"Within our new home we will have four stunning suites designed to be a home away from home. Our main suite has stunning views of the old course, West Sands and the North Sea.
"We hope to have our renovations for our restaurant completed for December and our rooms in the new year."
Banks announced his intention to relocate Haar to Golf Place from its original location at the Kinnettles Hotel in St Andrews in late August, and launched a crowdfund to help fund renovations.
At the time he said he had bee forced to close Haar 'due to failing to agree new heads of terms' with the landlord.
The new restaurant will be split over two floors, with a capacity of 38.
It will also feature a new chefs table that can seat four, with guests sat directly in front of their own private chef for the evening.
"Think of it like a sushi bar, however, with [my] style of tasting menu using local ingredients in his signature fusion style," says Banks of the chef's table.
"The food will be prepared and plated right in front of you whilst our professional chefs will explain our story's and recipes to you so this is the perfect table for all the foodies out there."
Earlier this year Banks also opened a new restaurant at the Hilton-owned Waldorf Astoria Edinburgh - The Caledonian.