Treasury Minister Alex Allinson says rents at a new development in Douglas will be enough to cover the costs of the building.
He faced questions in Tynwald this week from Douglas Central MHK Chris Thomas about Thie Clag, the former nurses' home on Westmoreland Road.
Dr Allinson said Cowley Groves had been appointed to let the apartments and retail units at the site.
And he added rents have already been set for the building:
Steam Packet sailings delayed tonight
The Steam Packet Company says two of its crossings tonight are facing delays.
PPE Medpro put into liquidation
The PPE company linked to Island residents Michelle Mone and Doug Barrowman has been put into liquidation.
Part of TT course closed tomorrow
A section of the TT course in the west will close for much of tomorrow.
Carl Cox backs cancer charity's TT fundraising auction
Legendary DJ and TT team owner Carl Cox will be teaming up with the TT's official charity partner this year.
Business appeal over thousands in unpaid bills
A business in Douglas is asking customers to pay their bills - as it chases more than £5,500 in outstanding accounts.
Pharmacy plans for former IOM Bank
A pharmacy's applied for planning permission to put signs up on a former bank in Peel.
Appeal after wood from van damages car
A man's appealing for information after a van driver's load damaged his partner's car.
Island part of union data breach investigation
The Island's information commissioner is taking part in an investigation into a huge data breach at a trade union.
