The former marine laboratory site in Port Erin has been sold.
Delgatie Limited has bought the decaying property for £500,000 from the Department of Infrastructure.
It plans to replace the existing buildings with a mixed-use development including residential, retail, non-retail and commercial.
An exhibition space is included in the developer’s proposals, as well as visitor accommodation.
The land in front of the property will remain in government’s possession.
The buildings have been unused since 2006 when Liverpool University vacated the site and were extensively damaged by fire in December 2016.
Infrastructure Minister Ray Harmer said: "This is great news not only for Port Erin but for the wider Island as the developer’s plans aim to provide fantastic facilities and business opportunities as well as an attractive venue."
Enterprise Minister, and Rushen MHK, Laurence Skelly said: "Port Erin is seeing lots of interest and investment and I’m delighted that this transaction is moving forward.
"The department will continue to support the redevelopment of this prime site as part of its wider drive to creating a supportive and inclusive environment that allows businesses to thrive and flourish."