The moving trucks will be pulling up to the Stinson Lofts any day now and already developer Harry Stinson has his sights set on buying another historic Hamilton school.

Occupancy in the former Stinson school, the oldest part of which dates back to 1895, has been a long time coming. Stinson bought the structure in 2009 and once hoped to be finished it in the summer of 2012.

The paint is drying in some units, while many penthouse suites are still full-on construction zones. But Stinson says the final occupancy will happen before Christmas.

He won't say much about the next project because no deal is in place.

"We know there is a very large public appetite for this and there is a shortage of suitable buildings."

Stinson Lofts will undoubtedly be talked about at a by-invitation event Wednesday, hosted by Heritage Hamilton Foundation and Friends of Auchmar, that will aim to convince developers, property owners and lenders that converting old buildings pays off.

It's the first time local heritage advocates have focused on the economics of saving buildings, says Diane Dent, president of Heritage Hamilton Foundation and chair of Friends of Auchmar.

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Organizers have been "overwhelmed" by the response and are already over capacity at 72 attendees.

This event is the first in what is planned to be a series, says Dent.

She says local reuse success stories are making skeptics "willing to listen, but I'm not convinced yet they are willing to act."

Stinson hopes his project serves as proof there's a strong business case to saving old buildings.

"This is a great example that these things can be done. These buildings don't have to be left to fall down. Yes, it's a lot of work and, yes, it's expensive, but people will pay what is necessary. They will pay for the character," he said.

Robert Shipley, a University of Waterloo planning professor who studies the economics of heritage preservation, argues it's always assumed that saving old buildings is more expensive than building new.

His research has found that in some cases reuse is cheaper and, more importantly, the return on investment in conversions is "almost always higher."

"I think we should be fostering the idea that we keep buildings and that those who want to destroy them should have to prove why that's necessary," said Shipley, who will present his research at the heritage panel.

"Instead, we do the opposite and make people prove why a building should be saved."

Stinson says his buyers needed no convincing about the charm of an old building that yielded basement units with 10-foot ceilings, big windows and exposed brick or a 500-square-foot walkout terrace on the second floor roof of what used to be the gym.

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Many of the 20 penthouse units in the 22-foot-high spaces on the third floor feature soaring ceilings, exposed thick wood posts and sandblasted brick. One features a staircase in a huge former brick chimney.

It hasn't been easy. Financing was tough and skeptics said he couldn't get his asking price, ranging from $300,000 to $700,000 in that part of town. Surprises behind the walls and unexpected obstacles in pairing new construction with old meant constant modification of plans.

A heritage designation placed on the structure in 1989 meant an added layer of approvals.

Stinson likens his project to solving a Rubik's cube that is in motion.

He's carved 66 units out of classrooms, hallways, staircases, a cavernous attic and gym, and linked two historic structures with some new glassed-in construction. No two layouts are the same.

There are 14 units still listed as being for sale, but Stinson says there are conditional offers on several of them.

Simon Gron, who bought a 1,200-square-foot basement unit a month and a half ago, said he searched in Toronto but found nothing exciting in his price range. He's willing to commute to Toronto for work in order to live in something interesting.

"I spent some time in Hamilton to see if I would like it and I do. It's certainly better than living in a box in the 'burbs."

Glen Norton, the city's director of urban renewal, says demand is growing for creative space for both living and working. Historic conversions aren't "quirky one-offs" anymore but a trend, he says, citing the Witton Lofts and the Dundas District Lofts, along with the transformation of Dominion Furniture, the Seed Works, the Lister and Hotel Hamilton into working space.

"The creative class in particular appreciates the exposed brick and posts and beams. For whatever reason, it just feels more creative than a typical drywalled box in a tower."

But he says not all developers are convinced buyers or tenants are willing to pay more for that kind of space.

"My argument is, in cities where (adaptive reuse) has been happening longer. these projects sell out faster than new builds. And when it comes time to resell, the appreciation is higher because these units are unique and one of a kind."