NJ Developer to acquire shuttered Georgetown paper and steel mills

A New Jersey real estate firm specializing in industrial revitalization has reached an agreement to purchase the former International Paper mill, signaling a massive redevelopment effort for the city’s waterfront.

River Development Equities announced the deal March 23, 2026, confirming it will also acquire the neighboring Liberty Steel property. The move follows the 2024 closure of the International Paper mill, an economic pillar for 90 years that left nearly 700 people without work.

The developer plans to transform the sites into a “unified waterfront project” featuring:

• A mix of hospitality, residential, industrial, and commercial spaces.

• The establishment of the company’s South Carolina headquarters on-site.

• Workforce initiatives, including apprenticeships and scholarships for local students.

“Our vision is to transform this site in a way that creates lasting opportunity,” said company spokesman Luke Byars. He emphasized that the firm intends to prioritize former mill employees and local tradespeople for new employment opportunities.

Financial terms of the sale were not disclosed. Local officials, including U.S. Rep. Russell Fry and state Sen. Stephen Goldfinch, praised the agreement as a vital step in restoring the region’s economy while preserving its historic character.

Georgetown Mayor Jay Doyle expressed optimism regarding the agreement, noting that while the redevelopment is a long-term endeavor, he is encouraged to see the project advancing. He added that while the City has limited jurisdiction—as most of the property falls within the county—he is pleased to see the waterfront’s future being secured.