Named Kasvuhoone (Estonian for "Greenhouse"), the former industrial site will be redeveloped into a mix of startup offices, creative studios, flexible workspaces as well as public areas including food vendors, small businesses and exhibition spaces, according to a press release.

The entire on-site ecosystem will encompass over 100,000 square meters of office space alongside residential quarters, covering a total area of 10 hectares.

According to Hinrikus, who leads the investment company Skaala together with Tamkivi, the planned hub is less real estate and more open space.

"Our goal is to create an ecosystem in Kasvuhoone that would help companies grow in an environment that fosters cooperation and international networking," he said.

The businessmen noted that in a deglobalizing world, Europe has a clear, largely untapped competitive advantage alongside China and the US, and that changed power dynamics have given Europe a unique can't-miss opportunity.

"Now is the right time — together with the AI revolution — to create new companies and industries that increase Europe's independence and competitiveness in the world," he emphasized.

"Europe has sufficient talent and large enough markets to build a better future for everyone," Tamkivi highlighted. "European technologies with a humanistic view have the potential to impact all of humanity over the next decade, and Estonia and more broadly the Nordics' favorable business environment would allow these companies to grow right here."

Among the first major partners to join will be the Sweden-based Norrsken Accelerator, which focuses on early-stage European startups working in sustainability and resilience. The accelerator plans to launch its program in Tallinn next year.

Design work for Kasvuhoone will be carried out by leading Danish architectural firm Cobe, which partners in Estonia with KOKO Architects.

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