SCHENECTADY — Franca DiCrescenzo always regarded the old Excelsior School as an unrealized opportunity.

For nearly three decades, the owner of Armida Rose Realty mused about a project that would one day convert the three-story brick structure into a modern living space. Even when the building was used for offices during the 1980s, she thought about how the school would be ideal for stylish apartments or condominiums.

“I just though that it would be a cool place to live,” she said Wednesday. “It’s such a place of grandeur.”

So when the school came up for sale about two years ago, DiCrescenzo jumped at the chance to buy it. And after nearly six months of renovation work, she finally had an opportunity to show it off.

More than 200 people attended an open house at the school for a glimpse at the progress DiCrescenzo has made renovating the neighborhood landmark off of Albany Street. Since construction began last spring, contractors have gutted the 24,000-square-foot building and are nearing completion on 18 loft-style apartments.

From the outside, the school looks much as it did when it was built in 1914 to serve the Woodlawn suburb, which was growing with Schenectady due to the rapid growth at General Electric.

But the two-bedroom unit showcased is like a modern upscale condominium. The units each feature a well-lit “grand room” connecting to the bedrooms. The kitchens feature island spaces and stainless steel appliances.

The apartments also get certain elements that date back to the building’s historic roots, explained Connie Ellison, who helped with the building’s interior design. For instance, the bathrooms feature octagonal tiles and pedestal sinks that echo the early 20th century.

Exposed duct work allows 14-foot ceilings and the traditional elongated windows in each of the units. In addition, many of the apartments have exposed brick work where chalkboards once hung.

“Some things are obviously this century, and others are obviously last century,” Ellison said.

The units range in price from $985 to $1,850 per month. Even though construction won’t wrap up until late February or early March, Ellison said three have already been rented.

The condition of the building today is in stark contrast to what DiCrescenzo purchased. The building — also known as the Woodlawn School — had remained vacant for nearly a decade and had water damage from leaks in its roof. The heating system was outdated, and ground-floor windows were boarded up, giving it a dingy feel.

“It was a bit of a dungeon,” Ellison recalled.

Now, the boiler room is poised to become the nicest dwelling in the building. Aside from its large open space, it will be one of the only apartments in the school with a private entrance.

DiCrescenzo said the project represents a total investment of around $2.5 million, including the purchase price. The renovation was aided last spring when the city designated the building a local historic landmark.

This designation allows DiCrescenzo to pay static property taxes on the building for the next five years. After, the taxes will increase by 20 percent over the next five years.

The school is the only one remaining from the three that were built in the city during the early 1900s. The Edison and Brandywine schools are gone.

“To see it come to fruition today was really a phenomenal experience,” DiCrescenzo said.