British real estate firm Ransome's Trading Holding Company Ldt. has dropped out of negotiations to develop a 17-hectare area in north Tallinn which would create a 100-million-euro residential area.
The news ends slight hope after Ransome's was the first company to show interest by a March 27 deadline, after several failed auctions, with the city saying they will announce a new date for the next tender soon.
Head of 1Partner real estate company, Martin Vahter, told Äripäev today that the National Heritage Board is to blame for the failure.
He said the conditions set by the board for the development projects are too complicated, adding that the only chance the city has to find developers is to give the land away for free, otherwise constructions costs would be too high.