Development has closed on a $6.3 million deal to buy part of St. Paul’s Schmidt Brewery, clearing the way for a long-planned redevelopment of the historic site.
Plymouth-based Dominium, which closed on the property Friday, said that it would move ahead with a $123 million plan to build lofts and town homes on the site, which includes the old Schmidt brew house, bottling facility and grain silos, the Pioneer Press reported.
Dominium has been pursuing a development there since 2007, but work stepped up in the past year. The Business Journal reported back in June on the company’s plans to draw a restaurant into the old rathskeller building.
Meanwhile, a second group led by Dave Kreitzer is planning to build a new brewery and museum on the portion of the site that Dominium didn’t buy. The Pioneer Press reports that the property’s original owners, Twin Cities businessmen Bruce Hendry and Glen Nelson (husband of Carlson Cos. chairwoman Marilyn Carlson Nelson) are backing that effort.