The application (22/00675/B) is on land east of Braddan Road.
It is also subject to an application from the Manx Development Corporation.
Treasury Minister Dr Alex Allinson has welcomed the plans.
While Manx Care says it has submitted its application, it has not yet been uploaded on the gov's planning website.
The Bakehouse itself will have approximately six to 10 members of staff in the production area.
It closed in 2019 and was added to the register in April 2021.
The plans have been widely opposed by residents.
The proposed Café is to be located in the workshop building
The plans are for part of the former Cunningham's Camp site.
Dr Taylor is best known as an inventor, entrepreneur and horologist.
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