The redevelopment of the Kopli Liinid residential area could finally go ahead, as a recent tender attracted two bids, of which one was disqualified.
Domestic developers had shown no interest towards the project, which would see 38 apartment houses built on the 17-hectare area in north Tallinn, leading city officials to promote the idea abroad.
The city is set to begin negotiations with EST Kinnisvara, owned by Ransome's Trading Holding Company of the UK, with the minimum price set at 1.5 million euros.
The area, running parallel to tram tracks on the Kopli peninsula, is mostly known for its abandoned buildings, occasionally inhabited by the homeless.
In winter, many of the squats catch fire, as the down-and-out people of Tallinn try to warm themselves, often with deadly consequences.
For more information on the development project, click here.