Georgetown’s Waterfront Gamble: Paper Mill Deal Moves Forward as Steel Mill Sale Falls Apart

Posted Thursday, September 24, 2026 9:15 am

David Hucks (via MyrtleBeachSC)

Developer faces the public tonight at the Winyah Auditorium as a three-property redevelopment plan loses one of its pieces

For nearly a century, the smokestacks on Georgetown’s waterfront were the region’s economic heartbeat. Now the plan to replace them is at a crossroads. Six months after a New Jersey developer agreed to buy the shuttered International Paper mill as part of a larger Paper Mill Deal, its companion deal for the neighboring steel mill has collapsed. Residents on both sides of the county line are asking whether the “once-in-a-lifetime” redevelopment is still intact.

The short answer: the paper mill piece is still moving, but the larger vision it was part of has been knocked off balance. The developer’s principal has said he will address the situation at a public meeting his company scheduled for 5:30 p.m. Sept. 24 at the Winyah Auditorium in Georgetown [Post and Courier, 2026]. That is tonight.

The Paper Mill Deal is being closely monitored by local stakeholders as it represents a significant opportunity for economic revitalization in the region.

Here is where things stand, how we got here, and why it matters to people who live in Horry County.

The Importance of the Paper Mill Deal

From closure to contract: an 18-month search for a buyer

Understanding the current state of the deal requires remembering how much Georgetown lost. The paper mill opened on the Georgetown waterfront in 1937, and its closure at the end of 2024 eliminated 674 jobs at the mill and affected more than 1,000 people who worked in the forest products industry [Coastal Observer, 2026]. The nearby Liberty steel mill was idled in October 2024, and the city later announced it would be demolished [Post and Courier, 2026]. In February, International Paper also announced it was closing its remaining container plant on International Drive, completing the company’s full exit from the Georgetown area [WMBF, 2026]. IP plans sale of Georgetown mill to developer with contract on steel mill – Coastal Observer +2

The sale process was slow and closely held. At a June 2025 meeting with local leaders, IP said it was handling the sale internally without an outside commercial broker and reported receiving multiple bids from a diverse range of groups [Georgetown County, 2025]. The company also told buyers it had a long-term commitment to keep water flowing from the International Paper Canal to the city and county, and warned that due diligence could take several months to a year after a buyer was chosen [WMBF, 2025]. At the time, a proposed biomass plant was one of the ideas dividing the community [WMBF, 2025]. Georgetown area officials meet with International Paper for update on sale of Georgetown property • Georgetown County, SC +2

The county had its own ambitions. In early 2025, Georgetown County said it wanted to buy three IP parcels east of U.S. 17, next to the county-owned port, as part of a larger waterfront redevelopment [Keep Georgetown Georgetown, 2025]. Public reporting has not made clear what became of that effort once a private buyer emerged. That is a question worth putting to county officials directly. Keepgeorgetowngtown

That long wait ended in March, when a single buyer stepped forward with a plan to tie the pieces together.

The deal: 2,500 acres and a “contiguous” vision

River Development Equities announced on March 23 that it was acquiring the paper mill site [Post and Courier, 2026]. Though the agreement was signed, the purchase price was not disclosed [WMBF, 2026]. Principal Warren Waters said the company was buying more than 2,500 acres in Georgetown County, mostly International Paper land, and was also interested in the county’s 46-acre port property [Post and Courier, 2026]. This NJ company is buying the Georgetown paper mill site. It’s also purchasing the steel mill. +2

The pitch had two parts. For the former IP property, the goal is to attract manufacturing, assembly and technology employers to replace the jobs lost when the mill closed, while the steel mill site was pictured as a waterfront hub of bars, restaurants and shops along an extended Harbor Walk [Post and Courier, 2026]. The company promised regular public meetings, a community advisory council and partnerships with local businesses and workforce groups so that residents would benefit first [WMBF, 2026]. It also said it would put its state headquarters on the Georgetown site [WPDE, 2026]. What’s next for Georgetown County’s steel and paper mill sites? Developer outlines his goals. +2

Local leaders welcomed the news. County Council Chairman Clint Elliott called it “the most significant urban redevelopment we’ll see in our lifetime [Post and Courier, 2026]. Georgetown Mayor Jay Doyle said he had assembled a small group of developers who own property around the inner harbor so that the projects would fit together [WCBD, 2026]. Post and CourierYahoo!

Some details deserve a closer look. The company works mostly in the Northeast, and its only listed South Carolina project is a municipal complex in Hardeeville; no job projections have been released [The State via Yahoo, 2026]. Its spokesman, Luke Byars, is also a Republican political consultant [Coastal Observer, 2026]. Most importantly, Georgetown County’s planning director said the site is zoned heavily industrial, so anything beyond industrial use would require rezoning, and the county had not yet seen a conceptual plan [WCBD, 2026]. Developer to buy former Georgetown, SC, paper mill. What comes next? +2

In other words, the March announcement was a statement of intent, not a plan anyone had approved. That gap between vision and approval is exactly where the steel mill deal broke down.

The steel mill collapse: a $5 million standoff

In mid-September, a Liberty Steel spokesperson told The Post and Courier that the sale of the 66-acre steel mill site to River Development had been canceled and that Liberty was talking with other potential buyers [Post and Courier, 2026]. Waters was blunt, saying the “project is in jeopardy” [Post and Courier, 2026]. postandcourier

Accounts of what went wrong point to timing and money. State Rep. Lee Hewitt, R-Murrells Inlet, said River Development asked for a contract extension because the city had not yet approved its plans, but Liberty wanted to close and the two sides could not agree on more time [Post and Courier, 2026]. Hewitt told WMBF that the developer could not secure permits, including environmental cleanup approvals, by Liberty’s deadline, and that Liberty would only extend if the buyer put up a large nonrefundable sum [WMBF, 2026]. Mayor Doyle put a number on it: he said Liberty demanded an additional $5 million to extend the contract, and River Development refused [Post and Courier, 2026]. Sale of Georgetown steel mill canceled, placing major redevelopment effort in jeopardy +2

Liberty’s own finances add pressure. Under a July settlement with Santee Cooper, Liberty must pay the state-owned utility $1.1 million from the sale of the property by Oct. 30, or face a $5 million judgment [Post and Courier, 2026]. The steelmaker is also facing a pending lawsuit from a Connecticut gas supplier over more than $10 million in unpaid bills, and a demolition contractor claims it is owed nearly $1.6 million [Post and Courier, 2026].

Analysis: A seller facing an Oct. 30 payment deadline has every reason to push for a fast close, and a buyer who needs city zoning and state cleanup approvals has every reason to slow down. That mismatch was built into the deal from the start. It helps explain why the seller’s demands escalated rather than softened as the deadline approached. It also means Liberty’s next buyer, whoever that is, will be negotiating under the same clock.

The cleanup is the part that could cost Georgetown the most time. Hewitt warned that a new buyer would have to “reset the clock” [Post and Courier, 2026] on environmental assessments that were already underway. postandcourier

What’s still unknown about the International Paper deal

The Post and Courier reports that River Development’s plans for the International Paper property are still progressing [Post and Courier, 2026]. But public reporting leaves several important questions open, and these should guide what residents ask tonight: postandcourier

Has the IP sale actually closed? Coverage since March describes an agreement to sell; none of the sources reviewed confirms a completed closing or recorded deed.
What was the price? The terms remain undisclosed, a point noted from the first day of coverage [Coastal Observer, 2026]. Coastalobserver
What happens to the canal water commitment? IP told buyers in 2025 that water access for the city and county must continue. Residents should ask how that obligation is written into the sale.
Does the plan still work without the steel mill? Waters argued in March that the waterfront should be developed contiguously [Post and Courier, 2026]. The steel site was the planned retail and entertainment centerpiece. Without it, the IP land becomes a stand-alone industrial park unless another link is found. Post and Courier
Where does the port fit? The county still owns it, and the shallow port, which dates to 1732, last handled cargo in 2017 [Post and Courier, 2026]. Post and Courier

Those questions matter well beyond Georgetown’s city limits.

Why this matters in Horry County

It would be easy for Horry County readers to treat this as a Georgetown story. It isn’t.

First, the jobs. The mill’s workforce and its contractors drew from across the Grand Strand, and the stated purpose of the IP redevelopment is to rebuild that job base with manufacturing and technology employers [Post and Courier, 2026]. If that happens, it creates industrial employment along the U.S. 17 corridor that the tourism-heavy Horry economy largely lacks. If it stalls, the region loses its best shot at diversifying.

Second, the representation. The two state lawmakers most visible in this story list Murrells Inlet as their home base: then-state Sen. Stephen Goldfinch pushed early for a single redevelopment package combining the port, paper mill and steel mill [Keep Georgetown Georgetown, 2025], and Rep. Hewitt has been tracking the steel sale closely [Post and Courier, 2026]. Voters in the South Strand have a direct line to people with influence over this outcome. Keepgeorgetowngtown

Third, the precedent. Horry County is working through its own large public-private land questions. How Georgetown handles undisclosed prices, zoning changes for a private buyer, and environmental cleanup responsibility offers a live case study in what transparency should look like when public infrastructure — a port, a canal, a waterfront — is tied to a private deal.

Conclusion: a plan that now has to prove itself

In March, the story was about hope: one buyer, one vision, and an end to two years of empty buildings. In September, it’s about execution. The International Paper deal remains the anchor, but the steel mill’s collapse exposed how dependent the entire plan is on approvals, deadlines and a cash-strapped seller the developer doesn’t control.

Tonight’s meeting is River Development’s chance to show the public that its IP plans stand on their own. It is also the public’s chance to get answers that haven’t been in the press releases: the price, the closing status, the water commitment, and a concrete timeline. Georgetown has waited a long time for this. The next few weeks, especially the Oct. 30 Santee Cooper deadline, will show whether that wait pays off.