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:
Local authority homes could be improved
Local authority homes in Braddan could be getting improvements - if commissioners are given permission to borrow money for the work.
Questions about waiting times for stomach procedures
An MHK wants to know about waiting times for procedures which help diagnose stomach problems.
Planned changes to employment laws to be read in Keys
Planned changes to employment laws will be introduced to the House of Keys next week.
Peel's up next for Christmas lights!
Peel's up next to switch on its Christmas lights today.
Replacing care home may take years
Replacing a care home in the North might take two to three years, according to the government.
Liverpool ferries resume as delayed terminal works finish
Ferries to Liverpool are starting again today as work on the ferry terminal has now been completed.
Liverpool Ferry Terminal wins UK architecture award
The Island's Ferry Terminal in Liverpool has won a UK architecture award.
MHK to ask about protection for rent deposits
An MHK will quiz Infrastructure Minister Michelle Haywood about rent deposits in the House of Keys next week.
