NARVA, Estonia — Narva’s old Kreenholm textile factory buildings, long since out of use, are in for a makeover à la Riga’s refurbished warehouse district.

Real estate developer OÜ Narva Gate presented its blueprint for renovating the old Kreenholm factory buildings to the public Tuesday. The historically industrial zone will be recast a business, cultural and living area.

The old factories, spread around two islands in Narva River and the riverbank, were built between 1857 and 1900 and cover 310,000 sq m of land. After the [private_supervisor]complete renovation the area will host apartment buildings, cultural areas, offices, a hotel and a spa, significantly altering the downtown of Narva, the eastern Estonian city of 70,000, predominantly ethnic Russians.

Other features in the development include green space for parks, a pedestrian bridge to the border crossing point and Venice-like canals on the islands.

Narva Gate is not releasing the cost, but its estimated to be in the hundreds of millions of krooni. Many structural features of the factory buildings will be left intact, as required by historical preservation laws. Construction will not start for a couple of years, and the development is not likely to be completed for at least a decade.

“It is a very good time for building as the constructing costs are low,” Narva Gate CEO Jaanus Mikk told Baltic Reports.

Narva Gate is owned by the Estonian company GIAB Eesti OÜ and the Swedish CA i Estland AB.

[/private_supervisor] [private_subscription 1 month]complete renovation the area will host apartment buildings, cultural areas, offices, a hotel and a spa, significantly altering the downtown of Narva, the eastern Estonian city of 70,000, predominantly ethnic Russians.

Other features in the development include green space for parks, a pedestrian bridge to the border crossing point and Venice-like canals on the islands.

Narva Gate is not releasing the cost, but its estimated to be in the hundreds of millions of krooni. Many structural features of the factory buildings will be left intact, as required by historical preservation laws. Construction will not start for a couple of years, and the development is not likely to be completed for at least a decade.

“It is a very good time for building as the constructing costs are low,” Narva Gate CEO Jaanus Mikk told Baltic Reports.

Narva Gate is owned by the Estonian company GIAB Eesti OÜ and the Swedish CA i Estland AB.[/private_subscription 1 month] [private_subscription 4 months]complete renovation the area will host apartment buildings, cultural areas, offices, a hotel and a spa, significantly altering the downtown of Narva, the eastern Estonian city of 70,000, predominantly ethnic Russians.

Other features in the development include green space for parks, a pedestrian bridge to the border crossing point and Venice-like canals on the islands.

Narva Gate is not releasing the cost, but its estimated to be in the hundreds of millions of krooni. Many structural features of the factory buildings will be left intact, as required by historical preservation laws. Construction will not start for a couple of years, and the development is not likely to be completed for at least a decade.

“It is a very good time for building as the constructing costs are low,” Narva Gate CEO Jaanus Mikk told Baltic Reports.

Narva Gate is owned by the Estonian company GIAB Eesti OÜ and the Swedish CA i Estland AB.[/private_subscription 4 months] [private_subscription 1 year]complete renovation the area will host apartment buildings, cultural areas, offices, a hotel and a spa, significantly altering the downtown of Narva, the eastern Estonian city of 70,000, predominantly ethnic Russians.

Other features in the development include green space for parks, a pedestrian bridge to the border crossing point and Venice-like canals on the islands.

Narva Gate is not releasing the cost, but its estimated to be in the hundreds of millions of krooni. Many structural features of the factory buildings will be left intact, as required by historical preservation laws. Construction will not start for a couple of years, and the development is not likely to be completed for at least a decade.

“It is a very good time for building as the constructing costs are low,” Narva Gate CEO Jaanus Mikk told Baltic Reports.

Narva Gate is owned by the Estonian company GIAB Eesti OÜ and the Swedish CA i Estland AB.[/private_subscription 1 year]

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