Three proposals have been confirmed in principle for funding to redevelop three brownfield sites in the Isle of Man.
The Department of Enterprise confirmed a private sector investment of nearly £50m has been approved to build on the sites.
One of the buildings will also include commercial, retail and leisure space, alongside an 80-bedroom hotel.
Two of the applications will provide residential accommodation, with 1,000 additional occupied homes by the end of 2026.
They propose 55 apartments developed at Lake Road in Douglas by Duluth Limited, part of the Dandara Group, and 38 apartments developed on the site of the former Ocean Castle Hotel in Port Erin, by Tevir Properties Limited.
Planning applications for both sites will be lodged within six months, and up to 10% of eligible costs, excluding land has been approved in principle, payable upon completion of the developments.
The third proposal is for a major redevelopment of the former Villiers Hotel site on Loch Promenade in Douglas.
Plans include a mixed-use development including commercial, retail and leisure space, together with a revised Civic Square and an 80 bedroom hotel.
A detailed planning application will be lodged by the end of the year and, subject to planning, the Scheme aims to be complete in 2026.
Tim Johnston MHK, Minister for Enterprise commented: "Through this Scheme, we are leveraging private sector funding and capability in line with the Economic Strategy, working together to secure the regeneration of complex urban unoccupied sites.
"We are now enabling the redevelopment of key vacant sites across the Island which have remained empty for decades.
"The combination of substantial construction activity, together with ongoing active use post regeneration over many years, ensures that as well as securing substantial private sector investment, there is an expected overall value to the economy and the public purse significantly in excess of any grants ultimately paid.
"By breathing new life into neglected spaces, this Scheme not only addresses the pressing issue the Island faces, but also demonstrates our commitment, as outlined in our Island Plan, to creating a more vibrant, sustainable and inclusive future, with towns and our capital at the heart of development, enabling communities to thrive."
Dr Alex Allinson MHK, Treasury Minister added: "Key ambitions outlined in Our Island Plan and Economic Strategy are to further develop infrastructure and services for our community and plan for increased jobs, increased visitors and an increased working population.
"By providing funding from the £100m Economic Strategy Fund for schemes such as the Island Infrastructure Scheme, we are supporting and incentivising the private sector to invest in our Island while contributing to the economic growth, prosperity and sustainability of our Island.
"The considerable investment sought from the private sector is aligned with our ambitions to see £1bn invested over the long term, comprising both public and private finance, which in turn will allow us to further develop our Island and create an environment that is vibrant and attractive for all.
"Funding was secured through the Island Infrastructure Scheme which was launched in January to provide up to 25% funding of registered unoccupied urban sites that have been empty for many years, and are not financially viable to redevelop without additional support."
Further applications remain under consideration, and the Department for Enterprise is also considering a further round for residential developments later in the year.
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