Narva Mill Territory Cleared to Become New Community
The receiver of the real estate of the bankrupt Kreenholm textile mill in Narva has been given the go-ahead from city government to develop a new residential community.
The company, Narva Gate, says it wants to build a new city district over the next 20 years, complete with a commercial center, entertainment, shopping and science park.
It would include four 20-story buildings, three of which would be residential high-rises and one an office building. The rest of the buildings would be five stories at most. There would be 1,000 apartments.
The crumbling buildings from the Soviet period will be demolished, the company said.
"Narva Gate is looking for partners to start developing the area," said CEO Jaanus Mikk.