This paper presents research on the conversion of the abandoned Kanfanar–Rovinj railway into a bicycle–pedestrian path, with the aim of including it in the existing network of bicycle–pedestrian paths in the Istria County in Croatia. This would enable better connection of the repurposed railway corridor with the surrounding natural and cultural values and better use of the spatial potential, which would create more favorable conditions for the revitalization of the wider rural environment. In order to identify the existing potential of the area, as well as the impact of the proposed intervention on critical areas, a method of multicriteria analysis was used. The result of the analysis was a model of the suitability of the space, i.e., five value categories that make the space more or less suitable for accommodating new pedestrian and bicycle paths. In order to emphasize the importance of individual spatial contents in the modeling process, the method of weighted linear combination was used. Finally, the nature of the project and its potential impact on the environment have conditioned the selection of the appropriate aspect of the model and of the space’s suitability, which is further used for locating the new pedestrian and bicycle paths.