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:
£66,000-a-year immigration health surcharge manager needed
The government wants to employ a new manager to oversee the new immigration health surcharge - with a salary of up to £66,000 a year.
Out-of-town stores like planned Iceland threaten other shops, says councillor
The chair of Douglas Council's Environmental Services Committee says the local authority objected to Iceland's new Braddan store because it would threaten shops elsewhere.
Isle of Gelato opens in Laxey tomorrow!
Laxey's newest shop will throw open its doors for the first time tomorrow.
Councillors reject card-only Bottleneck Car Park
Douglas Council says it'll continue allowing drivers to pay by cash at a car park on the Promenade.
Safety warning for plantations during gales
The government says teams will be checking the state of the Island's glens and plantations after strong winds this evening.
Gales could mean bus disruption later
There's a warning high winds and waves washing onto roads could affect bus services later.
Xmas parking on prom to close early tonight
There'll be no parking on Douglas Promenade's walkway later as gale force winds approach.
Respect bus and taxi drivers after Xmas parties, say police
Police are warning people not to overdo it at their Christmas Party - and say abusing those trying to get you home won't be tolerated.
