Developing the demolished Summerland site for tourism or leisure use is the priority, the Tourism Minister has vowed.
In Tynwald, Adrian Earnshaw revealed he hoped to progress discussions with interested parties in the near future.
But he admitted there were no firm plans yet for the vacant site on Douglas promenade:
"When you're delivering healthcare on an island, your costs are going to be higher"
CEO discusses 'economies of scale' while minister issues warning to Public Accounts Committee
NI fund exhaustion date moves closer
Date by which fund could run dry now 2045/46
Douglas Council says new youth council will give youngsters a 'stronger voice' in local politics
Leader Devon Watson hopes the opportunity could lead to new members
Autism acceptance: 'Island has come far, but there's still a way to go'
People living with the condition say more can be done to support adults