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UK: Through the Island Infrastructure Scheme, a regeneration project has been offered conditional funding for a vacant lot in Douglas on the Isle of Man to be transformed into 38 serviced apartments.
Previous designs had planned for a 20-key development including offices and shops.
Now, through the Isle of Man’s Island Infrastructure Scheme, the vacant lot, nicknamed ‘the grid’ for its unfinished steel frame, may be developed into a mixed-use building containing serviced apartments with retail space.
Business owners near the site on Duke Street have previously complained, claiming a loss in foot traffic and sales as well as being a safety hazard.
“By providing funding through the Economic Strategy Fund, we are supporting and incentivising private sector investment across our island, aligning with the long-term ambition to secure £1 billion of investment and helping to create a vibrant, sustainable and attractive environment for both residents and visitors,” enterprise minister Tim Johnston said.
Support for the project is conditional on completion, incentivising the new scheme to achieve what the prior developer did not — a finished building.
Highlights:
- A vacant Douglas site known locally as “the grid” for its unfinished steel frame is proposed for redevelopment into 38 serviced apartments with ground-floor retail space, supported by the Isle of Man’s Island Infrastructure Scheme.
- The current mixed-use proposal replaces a previous stalled plan for a 20-key development incorporating offices and shops, with funding conditional on project completion.
- Local business owners on Duke Street have raised concerns over reduced foot traffic, lost sales, and safety hazards associated with the long-derelict structure.
- Government support through the Economic Strategy Fund is intended to incentivise private investment and aligns with the island’s target to secure £1 billion in infrastructure investment.
