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:
Balladoole's re-use sheds on the agenda in Tynwald
The Northern Civic Amenity Site's re-use shed will be under the spotlight in Tynwald this week.
Yellow weather warning issued over snow and ice tonight
Ronaldsway Met Office has put out a yellow weather warning about freezing conditions tonight.
Steam Packet carried 680,000 passengers last year
The Steam Packet Company says it carried more than 680,000 passengers on its vessels last year - up more than eight per cent on 2024's tally.
Roof work to shut Castletown shopping street
A street in Castletown's centre will close to traffic next week for emergency work.
Church unveils plans to modernise facilities
A church in Onchan has applied for permission to upgrade its facilities for what it says are "evolving needs".
Are Mountain Road closures harming Ramsey?
A business in Ramsey is calling for ideas, saying a rising number of Mountain Road closures is hurting the town.
No whey! Creamery says goodbye to much-loved butter
The Isle of Man Creamery says they're discontinuing its 250g block of whey butter.
Roofing Outlaw plans Isle of Man franchise
A self-style outlaw roofer from the UK says he's hoping to open a branch of his business on the Isle of Man.
