Government is evaluating a number of potential bids for the Summerland site.
That's according to the Department of Infrastructure.
It follows news that the department will buy the horse tram stables off Douglas Council.
Minister Ray Harmer says: "With the approval of the Promenade reconstruction scheme and the exciting plans for Lord Street we are making very real improvements to what is, in effect, the Island's shop window.
"Now that we are able to release the part of the site that was zoned for the temporary facility, I want to make real progress to improve the northern end of the Promenade.
"The Summerland site remains on the market and a number of potential bids are being evaluated.
"I very much hope that the Department’s efforts to develop its sites will encourage investment in private sector sites across the Promenade."