One of the development group's members, Bentleyville resident Bob Darden, confirmed to Channel 3 News that Spillway LLC bought all of the acreage for a total of $400,000 from Reynolds Metal, a division of Pittsburgh-based Alcoa Inc.
Darden, of The Darden Group; Darren Wyville; and Chagrin Falls Firefighter Bill Phillips created Spillway LLC to turn the mill into a combination 10-room inn, 125-seat restaurant, classic movies theater and local micro brewery, with a "Brewed in Chagrin Falls" label.
The name "Spillway" is from the Chagrin River water spillway that slows the flow of river water over the dam and used to power the plant.
The plans also show a huge patio area overlooking the Chagrin River and several meeting rooms for public and private events.
Alcoa, the current owner of the property, completed the transfer of the property to Spillway on Friday, Darden said.
Darden, Wyville and Phillips are all Chagrin Falls High School graduates.
They plan to preserve and renovate as many of the existing 28 buildings in the complex as they can.
In all, at least five separate businesses are proposed for the 50,000-square-foot buildings that will be saved, including some retail development.
Darden is heading up the project. He is an environmental-green developer and the proposed brewery will recycle its own bottles and use the used grain from brewing for dough for the proposed restaurant.
Darden is certified by the Leadership in Energy and Environmental Design.
The three men came together to save the complex perched on Mill Street-Cleveland Street, alongside the Chagrin River.
Alcoa bought the Ivex paper packaging plant in 2002 and closed it down for economic reasons in 2004 and has been looking for buyers for four years.
Like the Gordon Square Arts District at Cleveland's Detroit Avenue-Shoreway area, this is a revitalization project, keeping the core historic buildings intact.
The proposed "eat-in" theater and lounge will show classic movies and one of its decorations will be the sign from the now-demolished Falls Theater on East Washington Street in Chagrin Falls.
Wyville's father Glenn Wyville was co-chairman, along with renowned historic preservationist Wendy Naylor, of the advisory board formed to explore options for the complex.
Both live in Chagrin Falls.
Spillway was awarded the bid over one other bidder, developer Keith DeGreen, who is renovating a home on East Washington Street at the present time.