The new pool - on the Peveril Plot - is expected to be completed by next December. The current one in St Paul's Square will remain open until then.
Ramsey Commissioners provided the land for the new pool on condition that the current pool be transferred to them once it is no longer in use.
They believe the site and premises have potential for a number of future uses.
They are set to carry out a survey in the new year to identify what social and leisure organisations exist in the area and what facilities they use.
The Isle of Man's Department of Tourism and Leisure also plans to carry out a survey to identify premises with potential for indoor sports and recreation purposes.
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