Following a year of meetings and negotiations with Resolute FP Canada Inc. and Abitibi Riversedge Inc., mayor and council are pleased to announce that an agreement has been reached and ratified between the Town of Iroquois Falls, Ontario, and both companies giving the former Resolute paper mill site a future.
Built on the banks of the Abitibi River in 1912 by Frank Anson as the Abitibi Power and Paper Company, the properties will be redeveloped as Abitibi Banks through the newly formed Abitibi’s Riversedge Inc., a project specific company supported by the award winning project management firm MHPM.
The acquisition is for the purpose of supporting and facilitating the redevelopment of the mill site for other non-forest products manufacturing and service related activities. Assets include the mill site, the golf course, and the trestle bridge.
“The Town of Iroquois Falls is sincerely appreciative that Abitibi Riversedge Inc. has chosen to invest and establish their roots in our historic town. With their leadership, vision, global network of expertise and the full support of our town, we are assured that new economic opportunities await that will lead to a progressive and sustainable future for generations to come”, stated Mayor Shea. “It is with positive anticipation and privilege that we welcome Abitibi Riversedge Inc. as a new family partner to our community. Great times await, and together, we look forward to new and successful prospects for our community.”
Riversedge Developments is a restorative development company specializing in the integrated revitalization of distressed industrial properties.
They have experience in advancing the revitalization of the former St. Mary’s Paper Mill in Sault Ste. Marie, Ontario, the active redevelopment of the former NORAMPAC Paper Mill in Red Rock, ON, and the new Brewery Block development of the former Northern Breweries property in Sault Ste. Marie.
“The deindustrialization of our communities and the economic vacuum it generates has led to the need for reinvention, call it revitalization, call it restoration, what matters is the creation of new value and the opportunities it creates. Closing the gap between site liability and site revaluation is not for the faint of heart. We’ve pioneered the process of integrated restorative development, took a big bite, rapidly expanded and are now partnering with project management powerhouse MHPM to bring a new level of operational excellence to our projects,” says Justus Veldman, CEO of Riversedge Developments.