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MOLINE — Sixty-two years have passed since Tom Meegan set foot in the old Molme High School. Friday he had the opportunity to tour the building, which recently has been transformed into loft apartments.

Mr. Meegan, a lifelong Moline resident, said he attended the old high school in 1944 and 1945 before dropping out of school to join the Navy. He later received a diploma.

“I’m sure glad they didn’t tear (the high school building) down,” he said. “It’s fabulous. It brings back a lot of memories.”

Representatives from the city of Moline, Gorman and Company and the Illinois House Development Authority celebrated the success of the project that created 60 loft apartments out of the building at 1001 16th St.

The school was built in 1915 and the last class graduated in 1958. The building later housed the former Moline Community College and then Beling Engineering.

The project began about five years ago and faced its challenges along the way, including preserving, a building that had been abandoned, infested with birds and damaged by water. The building also suffered several fires.

“It’s a legacy here,” said Jim Bowman, executive director of RENEW Moline. “This building could have been torn down. It was well on its way”

Instead, it is helping the city meet its goal of increased residential opportunities, especially in the downtown area.

Of the 60 one-, two- and three-bedroom units in the building, 59 are rented. Just six of the building’s units are being rented at market rate. The others are subsidized and rent for between $470-$585 per month for one- bedroom units, to $655-$805 for three- bedroom units. One- and two-bedroom market rate units rent for $765 and $915 respectively.

Within 30 days of opening last fall, all of the units were rented, said Tom Capp, chief operating officer of Gorman and Company. He attributes the short time frame to the affordable rental rates, the unique amenities and the historical building in a downtown location.

Amenities n the building include a fitness center, theater, art galleries, community room, work room and business center. The units have spacious floor plans with central air conditioning and washers and dryers. Twelve of the 60 units target households with members who have physical disabilities.

Old buildings are the fiber of a community and provide its history, said Gary Gorman, of Gorman Company, which developed the building. They should be preserved to preserve the community’s memories, he said.

“My high school got torn down,” he said. “They built something new, but it got torn down.”

James Larrabee, who lives in the building, said he appreciates its proximity to downtown.

“The chance to live in a modern, urban environment this close to downtown is great,” he said.

Gorman and Company used a variety of funding sources to accomplish the project. The first was the historic preservation tax credits. By designating the building for historic preservation, developers have to agree to renovate the building to certain standards. In return, the project gets income tax credits that it can sell to businesses. Those funds are then invested in the project.

In addition, Gorman worked with the Illinois House Development Authority to receive federal housing dollars by providing affordable units.

The mixed-income development will help low-income families and people with special needs, said DeShana L. Forney, executive director of IHDA. Residents of the low-income units must income-qualify to live their. Typically, the make between 50 and 60 percent of the median income of an area, according to Gorman representatives.

“A neighborhood eye sore has been transformed into modern loft apartments,” Ms. Forney said. “IHDA is delighted to breathe new life in this community.”

The city created a Tax-Increment Financing district, which also benefited the project, said Mr. Capp.

This is Gorman and Company’s first project in Illinois, but representatives said they hope to do more work in the state, and possibly even in Moline.