Dublin City Councillors have been told that a Development Agreement for the O'Devaney Gardens site will be ready for signing within two weeks.
They were told tonight that construction of 800 homes could, potentially, get under way in a year.
But some councillors have expressed concern about the decision to transfer the site to a developer claiming the vote is null and void.
A motion by Sinn Féin to rescind the decision was not allowed to be heard during tonight's council meeting and will instead be debated at next month's meeting.
In a report circulated to councillors this evening, the deputy chief executive of Dublin City Council said the approved disposal of the land was based on a housing tenure mix of 50% private, 30% social and 20% affordable purchase.
Brendan Kenny said the private units will be owned by the developer, Bartra, which is prepared to reserve a significant number for sale to an Approved Housing Body nominated by Dublin City Council for the development of a cost-rental scheme.
Mr Kenny said the Acting Law Agent in Dublin City Council and an independent legal firm, who have been part of the Procurement Governance Structure, are fully satisfied that the arrangement proposed by Bartra has no legal implications for the process.
Brendan Kenny said once the agreement is signed by both parties, which could happen within a fortnight, the developer will then have six months to apply for planning permission to An Bord Pleanála.
That process is expected to take 4-6 months and, if successful, Mr Kenny said the developer will then begin construction straight away.
Mr Kenny said if the disposal of land is not approved the Re-Development Proposal for O'Devaney Gardens would have to be abandoned and "would more than likely lead to a similar abandonment of the Oscar Traynor Road Project".
He said "there is no Plan B" and the city council would be right back to the "drawing board".
Mr Kenny said: "To change to a direct development model by Dublin City Council would clearly significantly delay the provision of much needed housing on this site and leave the site derelict for many more years."
He continued: "We are satisfied that it would not achieve better value for money or a better deal for tax payers and would not get a level of affordability any better than the current Bartra deal and to attempt this could result in a considerable reduction in standards and quality in comparison to the Bartra Deal."
Sinn Féin attempted to table a motion at this evening's special meeting to rescind the vote.
Cllr Daithí Doolan said the council was misinformed in making the decision to dispose of the site and it should now be regarded as "null and void".