The new owners of Moncton's Castle Manor plan to convert the historic landmark into high-end condos.

The 14 units will range in price from $275,000 to about $350,000 and should be ready by next October, said developer Jay Tse.

"They will be high-end condos for sure because, after all, it is a castle, right? You know, Moncton doesn't have a condo market, but just because of the uniqueness of the castle and the location, I think this project will succeed," he said.

Tse says he and some investors from British Columbia paid $475,000 for the building, but estimates it will be worth about $5.5 million by the time the condos are completed.

He plans to keep the outside of the Gothic Revival-style structure the same, and will try to preserve some of the detail work inside, such as the doors and radiators.

"We [are trying] to keep some elements to bring back the traditional look and feel of the castle, but it would have the latest amenities for sure."

It's going to take a lot of work after the building, located on Mountain Road, sat vacant for years, said Tse. Paint is peeling off the walls, windows are broken and vandals have wreaked havoc.

There are also countless other challenges dealing with a structure built in the early 1900s, he said. "There's heritage, you're looking at an old structure, and we have to bring everything up to the code. And there is sound issues on top of this. And there's a lot of land issues."

Still, the project will be a labour of love, he said.

"This grand lady, if it's looked after with some tender loving care, it would last another hundred [years] and it would still look as good," said Tse.

"There's no houses, no residences in Moncton that will keep that kind of aura around it. This is special. Always has and always will be."

The city is working with Tse to help ensure the project is a success, said Coun. Paulette Theriault, who is the liaison to the heritage board.

"Preserving heritage buildings in the city of Moncton has been a challenge, and particularly this one because it's been on the market several times now," she said.

"We're beginning to see hope, light at the end of the tunnel, as we say, so we're really looking forward to it."

The sale of Castle Manor was announced in August, but no details about the terms had been released.

It was listed at $699,900 when it went on the market in January.

At that time, realtor Kathy Guitard had estimated it would cost between $500,000 and $1.5 million to restore the structure.

Castle Manor has previously served as an orphanage and a seniors' home.