Pro Kapital Grupp, an Estonian real estate developer, has made a late bid for the development of a notorious 17-hectare plot in north Tallinn, after several auctions failed.
The group met the requirements of the first round, bidding 1.5 million euros, but will still face negotiations with Tallinn City Property Department, which owns the land.
If the deal is signed, the company will have to build infrastructure. The plot comes with planning permission for 527 apartments and 38 single-family homes. The estimated price tag of the project is around the 100-million euro mark.
A British company also passed the first round of bidding earlier in the year, only to drop out due to what Postimees labeled as a “technicality.” Pro Kapital said that nothing is "set in stone", and it too can drop out at any moment during the negotiations with the City, if the company thinks it necessary.
The area, known as Kopli Liinid, is located on the Kopli peninsula, running parallel to tram tracks. It is known to most as a haven for drug addicts, living in abandoned houses, with occasional winter-time building fires and murders.