Former Auburn, Maine pulp mill sells for $7 million below assessed value

Friday, March 31, 2017 11:15 am

Former Auburn, Maine pulp mill sells for $7 million below assessed value | Maine, mill, closure, Cascades,

AUBURN, Maine (From the Sun Journal) -- City records show that a former Auburn, Maine, pulp mill sold for $7 million below its assessed value to a Texas company that is considering using the site for growing medical marijuana.

BlueWaterTX1031, a Texas company established by an Auburn businessman last month, purchased the former Cascades Auburn Fiber mill for just $2 million in February.

The 120,000-square-foot recycled paper processing plant closed last July, citing a decline in prices in the pulp and paper market. Forty-five workers lost their jobs as a result.

Auburn's deputy director of planning and development says the new owners have discussed a range of uses for the property, from warehousing to manufacturing to even medical marijuana.

BlueWaterTX1031 is linked to Blue Water Marina, a registered company since 2004.