A purchase deal for St. Paul's old Schmidt Brewery site has finally been confirmed, and part of the plan includes the installation of a new brewery, the Pioneer Press reported.

Dominion Development reportedly is planning on a $123 million project, which will include turning two buildings into lower-rent "artist lofts" and new brewery in the back.

According to the Pioneer Press, the company acquired the brewery's main "castle building" (also known as the brew house), its bottle house, grain silos and eight of the site's 15 acres for about $6.3 million.

 The brewery has been a fixture on the West 7th Street corridor since its founding in 1855.

Some of the artists lofts will ready for occupancy in late 2013, and others will be ready in the summer of 2014, according to a Dominion senior associate.