There's an ideal opportunity for development around the Middlemarch site in Douglas.
Castletown MHK Richard Ronan says he views the site adjacent to Walpole Avenue, along with the adjoining old bus station, market and Steam Packet sites, as one big plot.
Mr Ronan recently called for the creation of a comprehensive master plan for Douglas town centre.
It folows the government's land-and-loan deal with the Sefton Group. The government is to buy the Middlemarch site from the Sefton Group and lease it back as part of a £4.5 million support deal.
He believes there could be a real chance for a major re-development of the area.
Isle of Man Government welcomes Middle East ceasefire
Police warn school leavers underage drinking has 'serious consequences'
Gas supplier provides reassurance amid ongoing global market volatility
Farmers in race against time after freight backlog in Heysham
Further changes to sailing schedule due to tidal restrictions