British real estate firm Ransome’s Trading Holding Company Ltd. says it is expecting to begin negotiations with the City of Tallinn over the Kopli liinid development project at the beginning of December.
Company representatives said that a contract could be signed at the end of 2014 if all goes smoothly, reported Eesti Päevaleht.
Behind the company is real estate investor Paul Cooke, who mainly does business in London but has been interested in the Kopli area for years.
Cooke made his first investments in Estonia in 2009, in the logging industry.
The Kopli project would take around 10 years, with construction costs amounting to a projected 100 million euros.
Cooke reportedly said he has never seen a better development opportunity, but hopes that the City of Tallinn will repair the district's negative image.
Before Cooke stepped in, the city had for years tried to sell the run-down, 17-hectare area for redevelopment, but several auctions have failed to attract a developer.