Georgetown South Carolina Poised for ‘Major Transformation’

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by WILL FOLKS

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A New Jersey-based developer specializing in “challenging redevelopments” has entered into an agreement with International Paper to purchase its recently shuttered mill site – and the site of an adjoining shuttered steel mill.

Terms of the agreement were not immediately disclosed.

International Paper announced it was closing its facility in Georgetown in October 2024, causing the loss of nearly 700 jobs. Around the same time, Liberty Steel in Georgetown also ceased operations.

River Development Equities, based in Red Bank, N.J., now owns these properties – and “aspires to revitalize the area through smart growth, while continuing to boost the area’s industrial heritage.”

“This area will be reimagined into an architecturally significant, vibrant mix of hospitality, residential, industrial and commercial uses that complement, and not compete with, the historic district,” a release from the company noted. “The mix of uses 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 this historic riverfront.”

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“Design and development will protect the historic district’s scale and character and preserve open riverfront spaces for public enjoyment,” the statement added.

Georgetown has been reeling in the aftermath of the closures.

“This past year has been really hard on Georgetown,” local business owner Brittany Ward wrote on Facebook back in January. “When International Paper closed after more than 80 years, the impact didn’t stop there. It trickled through our entire town — families, workers, and especially small businesses.”

“Whether it’s a slow night at work or fewer calls coming into our own business, the struggle is real and it’s everywhere,” Ward added.

Georgetown County’s unemployment rate has climbed from 4.6% to 5.9% since the closures.

The new developer insists it is “committed to facilitating employment opportunities for living-wage industrial and retail jobs with this development.”

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“The project will prioritize hiring local contractors and tradespeople, create apprenticeship and workforce-training programs with local providers, and offer scholarships for area students pursuing trades and technical careers,” the release noted, adding the company “maintains a strong commitment to South Carolina communities.”

Moderators on a popular Georgetown Facebook page hailed the project as a “major transformation,” saying Georgetown was “entering a new chapter.”

“This is not just another real estate deal,” they noted. “This could become one of the largest redevelopment opportunities in the history of coastal South Carolina. Early details point toward a mixed-use vision that may include residential, commercial, hospitality, and light industrial development. The goal, according to early reports, is to create long-term growth while respecting Georgetown’s historic character and waterfront identity.”

“For a city that has experienced the rise and fall of major industry, this moment feels like a true turning point,” they added.

South Carolina’s third-oldest city, Georgetown is home to approximately 8,300 citizens – roughly two-thirds its 1960s-era peak of 12,300.

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ABOUT THE AUTHOR…

Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina. He lives in the Midlands region of the state with his wife and eight children.

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