Chief Minister Allan Bell says the application for a substantial business park opposite the airport is "exactly the sort of development" which is wanted in the area.
The company that owns Shoprite has put in for planning for a development which includes buildings for new technology companies, accommodation for corporate headquarters, a hotel and internal access roads.
But Mr Bell says the development will have hurdles to overcome before it comes a reality . .
Voters go to the polls for Manx General Election
82 candidates seeking House of Keys position
Upgraded CCTV for Ramsey to be funded by criminal cash
Authority believes it will help town 'stay ahead of the curve'
Public counters closed due to staff shortages
Passport, immigration and nationality services affected
Church service wants people to think more about impact of disabilities
Promenade Methodist Church event focussing on hearing and sight loss this weekend