A new arts precinct at the Kingston Foreshore in Canberra's inner south will be built on the site of the existing car park.

The large car park on Eastlake Parade will be converted into an arts hub, with a mix of workshop and gallery spaces, along with residential buildings and parking.

A master plan for the Kingston Foreshore was approved by the ACT Government last year, and an independent feasibility study into the arts hub was released in June.

It found the area presented "an exciting opportunity to re-brand an existing precinct into a world-class cultural, mixed-used precinct which would showcase the best of local art and art making".

It recommended a public quadrangle and colonnade be created to centre the project and link the different buildings.

The Glassworks, Fitters Workshop and Old Bus Depot would be integrated into the new precinct, identified in the master plan as heritage buildings.

The ACT Government today called for expressions of interest in the project from developers.

The successful tender will be announced in mid-2016, with a 10-year deadline placed on the project.

Chief Minister Andrew Barr said the project would continue the transformation of the area.

"What is now another of Canberra's seemingly endless surface car parks will become a wonderful new precinct for the city," he said.

A new car park will be included in the project, with the Government considering a required minimum of 800 spaces.

Mr Barr said the specific design of the new car park would be left to developers.

"There's a degree of flexibility in relation to the provision of that car parking — so we're looking for innovation," he said.

"But it would be realistic to expect that you could have a combination of below-ground and some street level car parking, and possibly some structured car parking.

"We want to see what the market comes back to Government with."

Mr Barr said the project would be primarily funded by developers, but the Government was open to helping where it could.

"We'll certainly look at ways the Government can make a contribution," he said.

"Most significantly is the value of the land that we're bringing to this proposition.

"But there may be — in the context of negotiations that will follow in the next 12 months in particular — ways that the ACT Government can make in-kind contributions.

"We'll need to examine those once we've seen the proposals."

Expressions of interest in the project are due by early December.