Preferred developer to be revealed this month
Chief Minister Allan Bell says he's "fairly confident" current proposals for development of the area near Lord Street in Douglas will finally give the Island what it wants.
A short list of developers has been drawn up, and a preferred developer is expected to be named soon.
The site has been the subject of discussion for almost 30 years - Askett Hawke was named as the preferred developer but that contract ended two years ago when the company failed to submit plans for a 4-star hotel.
But can the capital afford to lose all the parking in the area? Mr Bell says yes:
Isle of Man Freemasons to lay wreath ahead of Remembrance Day
Call for renewed focus on equality and accessibility in government
MHK won't pursue removal of Bishop vote further if bill is rejected
Ramsey cancels fireworks display