The buildings and land at the Villiers site in Douglas have been purchased.
The Tevir Group has sealed a deal for the location - the company which recently acquired the Castle Mona on Central Promenade and the former Zurich House on Athol Street in the town.
A clean-up at the 'town square' section of the site begins today - with a project planned to create a 'contemporary public space' there.
Meanwhile, Villiers House will undergo refurbishments; the group will speak with tenants of Clarendon House to get a smooth handover of services, and long term plans for the development plot are being considered.
Work at the former Zurich House is expected to be completed by summer next year.
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