From afar it doesn't look quite as striking as the original proposal, however after some deeper digging lots of beautiful little details start to appear (as I42 mentioned). The brickwork ornamentation looks (potentially; execution is key) fantastic, without being contrived or historicist. What makes a lot of the old brick factory buildings in this neighbourhood special is the beautiful attention to detail in brickwork, and this looks like it pays respect while actually updating the theme- the complete opposite of the faux trite that attempts to look old-timey by nonsensically throwing up some mansard roofs or corinthian columns.
Ironically though this almost makes the upper portion look like a modern addition to an older building, however if it maintains its airy lightness the whole thing could pull together nicely. Fingers crossed.