Proposals for the first two phases of a new housing development in Ballasalla, as well as a by-pass road, have been submitted to government planners.
Dandara wants to build 282 much-needed homes in the area, featuring a mix of two, three and four-bedroom properties with single and two-storey homes.
It follows two public consultations on the scheme which will use land that is zoned for development to the south east of the village.
Managing Director Seamus Nugent says: "This is a very exciting development for the south of the Island.
"Our proposal not only addresses the shortage of new homes in the south east of the Island but will greatly alleviate traffic congestion in an area which is known to be particularly bad during peak times.
"The two consultations we held last year went extremely well and it was very informative for our architect and planning director to meet members of the public and gather their thoughts and feedback.
"We took the feedback received into consideration and have refined the design for the project.
"We are now in a position where we can submit an application to progress the scheme."
The development will fund the multi-million by-pass which could reduce congestion, improve journey times and create an area for mixed employment use.
If plans are approved, the new road would divert traffic away from the village centre, starting with a roundabout at Glashen Hill on Douglas Road, through to Balthane Corner near the entrance to Balthane Industrial Estate, where a new roundabout would be created.
Work could start towards the middle of 2019 and create up to 190 jobs for those working on both the housing development and construction of the bypass.
Mr Nugent adds: "While the wider economic impact of a project like this cannot be underestimated, there is also the benefit to the local supply chain and related service providers such as professional advisors, logistics and transport providers and the Island’s retailers.
"As a local business, our aim has always been to create top quality homes and desirable neighbourhoods that fulfil the needs of Island residents.
"We have been in discussions with the Department of Infrastructure for some time and are encouraged to have received positive feedback from local MHKs and Malew commissioners who have been extremely supportive."