The Charlemont Street flats in Dublin are set to be demolished from today.
The regeneration of the complex near Ranelagh has been in the pipeline for nearly 20 years.
Despite the demolition, the council has been unable to finalise a deal on the project, but local Labour councillor Dermot Lacey said it was time to proceed.
"Everything isn't finished, but if we waited until every aspect of every deal was signed, sealed and delivered, we probably wouldn't do anything in this country," he said.
"The basics of the deal are agreed. The basics of the finances are agreed. The planning permission is agreed (and) the local community is involved. The Council and councillors are on board.
"Let's just get on with it."