Karolina is the name of an area approximately 30 hectares in size situated 500 m (1,600 ft) from the city's historic square. The Karolina area was originally used for heavy industry. After demolition of the old coking plant and clearing the entire area, the Karolina site can now be used to extend the Ostrava city center.
In late June 2006, the Dutch firm Multi Development won the contract to develop the grounds of the former Karolina site. Multi Development plans to invest 13 billion CZK (EUR 450 million).
Many new apartment buildings, offices and shops are planned for this new city district. There will also be a new church, a high-rise building, a large park by the Ostravice River and a university campus.
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