In post-socialist Central and Eastern Europe, the effects of urban culture-led flagship projects on the quality of life of local neighbourhood communities have only received marginal attention, while the overriding focus has been on promoting economic growth and internationalisation. The aim of the article is to identify the community impacts of culture-led regeneration projects carried out in the inner city of Tallinn in the past decade. Qualitative analysis of three inner-city flagship projects—creative campus, museum, and cultural hub—revealed that culture-led regeneration projects, whether public or private initiatives, are regarded as standard business models. In terms of their influence on local communities, the projects vary depending on their focus, the degree of engagement of local groups in the planning phase and activities, and the extent of actual physical change. However, in cases where local groups have been engaged, the engagement has been selective and has primarily involved the creative class. Local residents nevertheless perceive that the projects have led to overall positive changes in physical neighbourhood characteristics.