TALLINN - Narva Gate, the property manager of the bankrupt Kreenholm textile factory in Narva, plans to develop a whole new city block consisting of high-end apartments and shopping malls to attract wealthy Russian citizens, reports Postimees. “We can see that the textile industry is no longer as sustainable in Europe as it used to be,” Narva Gate CEO Jaanus Mikk said, explaining the company’s plans to divide the factory’s 30 hectare property into plots and develop the abandoned industrial area.The ambitious project foresees creation of a new urban focal poin...
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