Plans for major redevelopment on Cambrian Place in Douglas were blocked for a number of reasons.
The Treasury says it, and the Department of Infrastructure, had issues with the proposals put forward by Douglas Council.
The Council wanted to borrow £2.5 million to purchase the land and £12 million to progress the scheme which would have seen a library, public car park and offices built on the site.
But both departments say the plans lacked clear accountability, transparency and competition.
Treasury Minister Eddie Teare took us through the points that led to the breakdown of the proposal:
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