Dong has been giving further details for the project, expected to begin construction in 2021. Commissioning is planned for 2023.
The Isle of Man government selected Dong to develop the project in November 2014. In April, the government voted overwhelmingly in favour of developing offshore wind projects, highlighting up to 2GW of potential capacity.
The developer will now investigate the soil conditions at the site, located in 15-metre to 25-metre water depths.
Last year, Dong abandoned its 4.2GW Irish Sea Zone due to "challenging ground conditions". The zone was located just 34 kilometres from the Isle of Man.
Wind speeds will also now be surveyed and plans for grid connection will be drawn up. Investigations at the site are due to begin this year with the consenting process expected to take place between 2016 and 2018.
Dong will look to apply for a Contract for Difference (CfD) subsidy in 2018, said Dong's head of UK environment and licensing, David Garner.