The Manx Development Corporation is to redevelop a former school in Douglas to build new homes.
Brief details of the plans are included in the MDC’s annual report.
That report, which shows the MDC reported a net loss of £859,003 for the year, an increase from the £448,274 loss in the previous year.
Part of this includes £133,000 on an abandoned brownfield site scheme.
In his introduction, chairman Sean Gilbert said: MDC has reached agreement with Central Government to acquire the old Fairfield School Site.
This will be a residential scheme”, while it intends to work with local authorities on other potential developments.
He also said that the “speed at which some of these government owned sites have been made available to MDC for regeneration has been a source of frustration to the board”.
Next Year
While losses for a development company that has yet to complete a project is to be expected, Mr Gilbert said it expects the former Nurses Home scheme to be completed early next year, which will begin to generate income for the MDC.
The MDC also looks to begin work on its Westmoreland Village scheme in the new year, saying it has completed transfers of public and privately owned land and properties to carry out the scheme.
However, it has not made clear if it has been able to purchase all of the private owned sites, with at least one owner known to be refusing to sell earlier this year.
The company has also set up a further subsidiary company, Manx Development Corporation – Fairfield Limited, which adds to the previous companies set up for the former nurses home and Westmoreland Village sites.
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