The double-terraced waterfall is located on the Narva River, just above the city. Kreenholm Island is located between the two terraces. The famous Kreenholm Textile Factory was built on the shore of the waterfall in the 19th century and was the largest factory in the Russian Empire at that time. In 1913 more than ten thousand people worked there! A compact complex of industrial architecture developed around the factory that included the factory, a hospital, workers' barracks, directors' houses, and Kreenholm Park. The buildings were built in the English style using red brick. The Kreenholm brand is known far beyond Estonia.

The territory of the manufactory is closed, but there are guided tours on Sundays.