You can't go back to the old elementary school in Bellevue, but you can buy a piece of it.

Grant Elementary School, a century-old building constructed in the neoclassic design, has stood on Jefferson Avenue since 1903.

Pupils filled its classrooms for 79 years before the school closed in 1982. It was then a community center before Northgate School District, which owned the building, sold it in 2004 to developers for $175,000.

Now, Grant School Associates is developing the old building into loft condominiums, called the Grant School Lofts. They will range in price from $165,000 to $370,000.

Casey Steiner, a partner with Grant School Associates, said the project is the first suburban loft development in the Pittsburgh area. He was involved in the development of South Side Lofts, where he and his partners learned a few things.

"We discovered there is a market for the loft buyer -- people who want a customized space in a condominium environment," Mr. Steiner said.

Renovations began in the summer, and the building will be under construction for at least 18 months. Earliest occupancy is expected this summer, and a model two-bedroom unit is near completion.

When all of the 21 units are completed and sold, the value of the development is expected to total $4 million to $5 million.

Some expect the project to be a minor boon for Bellevue because for the first 100 years of its existence, the property had never been taxed.

Now, the building will bring in property taxes, and its residents will contribute to borough and school district coffers through Bellevue's 1.5 percent earned income tax, 0.5 percent of which goes to the school district.

Northgate officials wanted the property to be used and taxed, which was the rationale behind selling it, said school district business manager Marilyn Berner. "It appears to be a boon for the community, and it's certainly good for the school district. As long as what's done is tasteful, it's preferable to the property being tax-exempt."

The school property faces Jefferson and is bound by Grant and South Bryant avenues on its sides and residential properties in the back. A large addition was built onto the school in 1933.

The building had seen some hard times before developers saw it as an architectural treasure.

Although as a community center it had housed a day-care center, food pantry and other programs and offices, it was never fully occupied. Upkeep of the huge structure was sometimes sketchy.

Neighbors of the old school, such as Paul Miller, who lives on Grant across from the school, sometimes helped to maintain the property. Mr. Miller said he has been cleaning up the leaves from the old sycamore trees that line the terrace of the school property for 20 years, and he's looking forward to being relieved of the duty.

"I think [lofts] will definitely spruce up that corner lot, and it'll increase the value of the homes," Mr. Miller said. Home values in the area range from $80,000 to $120,000.

The exterior of the school was cleaned recently, and the brick has been repointed. New windows and French doors now open onto wrought iron balconies on the second floor. The asphalt school yard will be planted with grass. Units will range in size from 1,000 to 3,000 square feet, with ceilings 12 feet to 17 feet high.

The grand entry staircase will remain. That pleased Bellevue Mayor George Doscher, who attended Grant Elementary School as a child and recalled a Christmastime tradition there.

"Every year, the teachers would line up all of the kids on the staircase and we'd sing carols and everyone would get a candy cane," he said.

"I can't believe somebody had the vision to do that," he said of the renovation project. "It's such a cool old building."

Loft apartments typically have high ceilings and an open floor plan. Part of the idea of loft living is a more comfortable approach to life, said Leesa Belt-Haglund, who specializes in lofts for Howard Hanna Real Estate's Shadyside office.

"Lofts are just much more artistic. It's just a new trend of open living," Ms. Belt-Haglund said, noting that loft buyers are not by definition urban dwellers. "If the price is right, people will buy a loft wherever it is."

Shirley Nine, a former Bellevue council member, has lived on Grant a few blocks from the old school for the past 24 years and has been watching the progress of work crews there.

"Anyone and everyone I've spoken with about it is very excited," she said. "I've seen people just stop and look."