The group of Canberra developers, cafe owners and designers, known as Stomping Ground Collective, have also recruited champion BMX cyclist Caroline Buchanan and tennis star Nick Kyrgios to help promote the project.

The say the initiative, announced last July, will not only boost the profile of the businesses involved, but also contribute to Canberra's regional and international tourism campaign, while giving life to the derided former futsal slab on which it sits.

Businesses, including a pop-up cafe, rooftop bar, Vietnamese restaurant, BMX bike shop, French creperie, and gym, will slowly move into the space, which is likely to last for about two years, according to collective member Ronan Moss.

Internationally renowned Canberra artist Luke Chiswell will set up in one of the make-shift studios.

A Canberra local and architect, Mr Moss said the project was a symbol of why he and his partner returned to the city in 2011 after living in Melbourne for 15 years.

"Since coming back we were seduced by what was happening in Canberra.We recognised there had been a change and this project represents this change," he said.

He said the group wanted the site to become another "stomping ground" for Canberra's young people, reflecting the group's roots in the city.

"People are staying and investing in the city," he said.

"We are invested in Canberra and the future of Canberra. We really feel that Canberra deserves something out of the box."

Mr Moss said setting up the village, which originally expected to open before Floriade and then by summer, had been challenging at times.

The project has required co-ordination between the National Capital Authority, the ACT Land Development Agency and the ACT government.

It's also set to become the perfect place to spy the odd Canberra sports star.

Kyrgios, coming down after the highs of playing at the Australian Open, said he looked forward to using a space he hoped would attract younger Canberrans to sport.

"It's going to be so much fun when it's finished, having a basketball court here, a tennis court hopefully - I'll probably spend my whole day here soon if I'm in Canberra," he said.

Buchanan said her long break in Canberra over the summer had also made her excited to return to a city coming out of its shell thanks to initiatives like Westside.

Buchanan will be selling her signature DK balance bikes for children through the precinct's Backbone store, close to a BMX track.

"The whole feel of Canberra is changing and it's good. Now there's a vibe and culture and I can see Canberra's picking up - it's real starting to pop," she said.

Lonsdale Street Roasters founder and Stomping Ground member Alastair Evans said the collective wanted to throw more money into grassroots sport.

For every kilogram of coffee sold, for example, a dollar will be donated to various sports associated with the village.

He said Kyrgios and Buchanan formed a perfect pair to promote the area on a global stage.

"If we can get that message across, the sporting culture in Canberra mixed in with the underground culture we have, this is the perfect place for it - that's the whole idea of Westside," he said

"It's our stomping ground, it's where you're from, and you never forget where you've come from."