There may be some life left in the old Olympia Brewery buildings after all.

Northwest Investment Group LLC announced Friday that it is moving forward with a plan to turn the former Olympia Brewery location in Tumwater into a destination, featuring a brewery, distillery, brewpub and more. NW Investment Group will close on its purchase of most of the property on Custer Way just off Interstate 5 before the end of the year.

“This is a remarkable opportunity to re-engage the market at this facility for craft and microbrews,” said Troy Dana, a real estate broker with Dana Commercial. “To capture the brand equity that still sits in this place.”

Dana said he’s in talks with a local brewer to move to the site and operate the brewery.

According to a press release, possible tenants for the redeveloped site include craft breweries, craft distillers, a brewpub, a restaurant and retail shops. Another opportunity would be a possible collaboration between brewers and a college to create an “educational platform for brewing, distilling and culinary arts.”

“My goal was always to bring beer back here,” said Dana, who has been managing the site since late 2008. “I’ve been fighting that fight for a long time.

“The community is going to love what is envisioned here.”

The former Olympia Brewery has been vacant since Miller closed it in 2003.

“It has been sitting fallow for far too long,” said Douglas Gray, partner of NW Investment Group LLC, in the press release.

Miller/Coors in June 2013 lifted a deed restriction that prevented alcohol from being produced on the property, allowing brewers to produce beer there again.

Friday, Dana credited that decision and a healthier economic outlook for the increased interest and eventual sale of the property. He’ll be working with Northwest Investment Group to secure tenants.

“Our priority is to focus on the Custer Way building for a brew pub, retail, office and educational tenants,” Dana said in the press release. “Also under consideration is rolling out a membership program for those in the community who would like access to the site for commercial and entertainment purposes.”

Gray and Ken Brogan, his partner with NW Investment Group LLC, plan to complete the re-development of the 45,000-square-foot main building, which will likely house the brewpub and offices, by the end of 2015.

“Having the opportunity to bring life back into this property will be exciting for everyone involved. We look forward to working with the city of Tumwater and Thurston County to help make this site a vibrant destination again,” Brogan said in the press release.

Aaron Swaney: 425-339-3430; aswaney@heraldnet.com. Twitter: @swaney_aaron79. Follow the Hops and Sips blog at www.heraldnet.com/hopsandsips.