The Infrastructure Minister says plans for development on a key Douglas site did not demonstrate value for money.
Douglas Council hit out at the department earlier this week after regeneration proposals for Cambrian Place were blocked.
The department, and Treasury, refused to approve the council’s request to borrow £2.5 million for the land and £12 million for the works.
They say it’s because there were a number of outstanding issues and they had to protect rate and tax payers.
David Cretney says he's disappointed that regeneration will not be happening at this time:
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