I'm a little obsessed with this building. It is another old brewery, just up Heath Street from the converted brewery I live in. The building is beautiful, but in tough shape. I fantasize about buying it and turning it into a work/play/live space for myself and my friends.
A little googling turned up some interesting information. This is the John R. Alley brewery, built in 1886. There's still a Hampden auto parts sign on it, but it is now owned by Mayo Group and assessed at $841,000. Mayo Group went through the approval process to convert the building to lofts, but is now offering the property and plans up for sale, likely stalled by the real estate crash.
The future of the building is uncertain. It was recently flagged by the city as a problem property, citing windows open to the elements, falling brick, and other issues. Its neglect and history in manufacturing probably would make it tough to convert it to living space. I certainly don't have the money or the skills to take on a project like this. Still, I continue to think about it.