Economic development
IP plans sale of Georgetown mill to developer with contract on steel mill
The International Paper mill in Georgetown that closed in 2024 will be sold to a New Jersey firm that also has the site of the city’s former steel mill under contract.
River Development Equities and IP announced Monday they had reached agreement for the sale of the property. The terms of the deal were not given.
“Our vision is to transform this site in a way that creates lasting opportunity, growth and community pride for generations to come. We will honor the past by respecting the industrial heritage, listening to locals and committing to the clean and sustainable use of the land and water resources,” said Luke Byars, a spokesman for River Development Equities.
The redevelopment plan also includes areas east of Highway 17, including but not limited to the Liberty Steel property, according to a statement from IP and River Development. The area will be developed into “an architecturally significant, vibrant mix of hospitality, residential, industrial and commercial uses that complement, and not compete with, the historic district,” it said.
Earlier this year, River Development applied to the state for a voluntary cleanup contract for the steel mill property. That mill also closed in 2024 and demolition started last year.
The mix of uses in the proposed waterfront redevelopment is expected to create both permanent and part-time employment and foster new businesses designed to benefit Georgetown-area residents, strengthen the local economy, and welcome future generations to the historic riverfront. Design and development will protect the historic district’s character, according to the statement.
“We are pleased RDE is investing in this community and look forward to the new opportunities this site can create for Georgetown’s future,” said Tim Haynes, the site manager for IP.
The paper mill opened in 1937 on the Georgetown waterfront. Its closure at the end of 2024 eliminated 674 jobs at the mill and impacted over 1,000 people who worked in the forest products industry, officials said at the time. The closure was part of IP’s review of its global cellulose fibers business.
