A building on North Quay in Douglas could become shops and apartments if a planning application is approved.
Kelman Ltd of Parliament Street in Ramsey has applied for permission to build the flats next door to the former Newson's building.
In its application the company says it also wants to develop that building as part of the scheme but had planning permission refused.
The updated scheme also needs registered building consent.
Last April, Kelman said it would give up investing in the Island unless planning laws changed after being refused permission to redevelop the Newson site.
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