Supporters of the project, which would see replica buildings of the pre-war Old Town built, say it would bring both tourists and investment into the border city.

"Private investors are no longer investing in square meterage and concrete. What matters to them is atmosphere, a sense of place and history. And in that respect, Narva has a major competitive advantage," said Vadim Orlov, initiator of the restoration plan, which would focus on Rüütli tänav.

Backed by around 1,000 signatures, the plan is nearing its finalization on paper, though local leaders have expressed doubt about its viability, not the least over funding. No one has yet come forward to actually carry out the work.

Mayor of Narva Katri Raik gave her realistic assessment of the plans coming to fruition any time soon, telling "Aktuaalne kaamera": "It is possible that somewhere in the world there is a – in my opinion, slightly crazy – person who would be willing to invest in Narva's Old Town. But I don't see anyone forthcoming at the moment. I don't see what should be built there or what should be done with whatever gets built there."

Property experts too see no economic rationale in rebuilding the old buildings. Construction can be expensive, particularly in more peripheral areas of the country; there would not be enough customers or business initially to even break even on the project, let alone turn a profit.

The example of the €6 million-plus Town Hall renovation is proof positive of this, the market players say, noting that while there is space for a restaurant to be hosted there, no willing operator has been found in the three years since the reopening.

This pattern repeats elsewhere in the town. "At the moment, there is a great deal of commercial property standing vacant for years. I don't believe that any investor seeking to make a profit would even consider such projects. This would be 100 per cent a charitable undertaking," said property expert Sergei Gorlatsch.

The plans in any case allow for 16 replica buildings, based on the pre-war streetscape in the Rüütli tänav quarter. This area makes up around 10 per cent of Narva's Old Town, which was largely flattened during World War II, particularly during the 1944 Battle of Narva. Once home to a prosperous mercantile community, the quarter, adjacent to the Town Hall Square, is now a green space, enclosed by Soviet-era apartment buildings.

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