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Work is under way to develop a former Cliftonville nursing home into a new 15 flat development.
The five storey building will contain 3 x three bedroom flats and 12 x two bedroom flats.
Planning permission for the build was granted in March and is due to be completed next year.
Ben Barnes and Daniel Stewart are the owners at isle firm B and D Homes who bought the building.
They set up their business after spending years commuting long distances for firms such as Persimmons.
Mr Barnes says the firm are passionate about the area and want to help with community projects.
He said: "We love the island both have young families so wanted to be closer to home. Most of the people we work with are local and we know many of them."
The 32-year-old has known Mr Stewart since childhood and after initially setting up their construction business they soon moved into development - they also run a tile business from their Pyson's Road address.
The development, in a conservation area, will see a new build and the renovation of the former Victorian care home which was also the Cliffe hotel.
"We have tried preserve as many original features as possible. We have through our research discovered the building used to be a hotel owe have named the development Cliffe Villas," said Mr Barnes.
The flats come with bike storage and communal gardens. But some residents are concerned the five parking spaces allocated are not sufficient for a 15 flat development.
Peter Platt objected to the planning application. He said: "There is no vehicle access to the spaces indicated on the plan. They should not therefore be counted into any parking calculations.The area is already significantly under-provided with parking other than on-street."
Thanet's Clinical Commissioning Group (CCG) also requested funds due to the impact it would have on over subscribed GP surgeries in the area such as Limes.