If Tynwald approve the sale of the Nunnery work to transform the facility could start imminently.
A bid of £5 million has been submitted by the International Centre for Technology Ltd with plans to develop the site into an educational and training facility, specialising in ICT.
The idea was originally conceived by the Manx Educational and Community Foundation, although their proposals will not be fully implemented they are involved as stakeholders.
Economic Development Minister Laurence Skelly predicts if approval is granted the site could be ready for student intake by 2016.
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