I have been able to determine that this was once a generating station for a paper mill on the opposite side of the street. It opened in the 1920's, and remained in operation for about 40 years. In 2010, the property was purchased by an investor who sees opportunity for the location.
As of July, 2014, the EPA was helping to oversee the eventual demolition of this building because of its asbestos content and growing instability.
There's no question this building is old, and less question that it's fascinating. If you're in town, you need to have a look before it's gone.