A Cedar Rapids developer has bought a historic, crumbling landmark in Dubuque with plans to save the former brewery that once was among the largest in the country.

The Telegraph Herald reports that Cedar Rapids developer Steve Emerson bought a portion of the former headquarters of Dubuque Malting and Brewing Co. for $40,000 from previous owner Jim Krueger last week. Dubuque Malting had once produced 300,000 barrels of beer a year.

Emerson's real estate agent, Keith Wiggins, previously said his client plans a $15 million to $20 million investment to convert the 120-year-old building into apartments.

Krueger purchased the property in June 2005 for $35,000. Court records and engineering reports show the building suffered multiple structure collapses last year and is at risk of further collapse.

The newspaper couldn't reach Emerson for comment.