The developer behind the rebirth of Gibson School as condos is confident he will easily sell out the project.

Harry Stinson officially launched public sales of 80 units at the century-old Barton Street landmark Monday.

"There is great interest in it," said Stinson, who added his confidence in selling even the bigger units is growing as prospective buyers call and visit his office.

Stinson says the reception is completely different from the early days at his first school conversion in Hamilton, the Stinson Lofts. Lenders who weren't interested in financing that project are now calling him, he says.

"Hamilton is on the radar of the big lenders now."

The Gothic school features large windows, wide corridors, interior brick walls, hardwood floors and 14-foot ceilings. Even the basement units have 10-foot ceilings.

The Gibson project includes 26 glass-wrapped penthouse units on a fourth storey that will be built and a café in the former school office that Stinson plans to own himself. (Go to thespec.com for illustration of development.)

There are plans for six townhouse units in the old gymnasium and more on the school grounds that could eventually bring the total number of units to 106.

Stinson is offering a builder buyback program in which he will offer a fixed rate of return — 10 per cent on a $20,000 investment, for instance — upon completion of the project. The rate of return climbs with increased investment.

Stinson says it helps to line up construction financing and, for him, it's a means to cash in on greater profits because units sell for more as projects are completed. Stinson says Barton reminds him of Toronto's Queen Street West at the time he and partners made what was seen as a crazy investment in a derelict former factory. The Candy Factory Lofts is credited for being a catalyst of gentrification in that neighbourhood.

"I think the turnaround on Barton would happen like that," he said. "I'm prepared to gamble on the future of the area."

There are a dozen units left of 66 Stinson Lofts condos. Stinson says a one-bedroom penthouse there sold recently for $460,000.

By the numbers

Prices at the Gibson Lofts range from $99,900 for a 450-square-foot studio to $499,900 for a three-bedroom, 1,500-square-foot corner penthouse.

Parking spaces are $14,900 and monthly condo fees, which includes security and a daytime concierge, will be 45 cents per square foot.

