Henry Rolland Park became alive with festivities to mark the opening of the $13 million project, with live music as well as games and activities, with hundreds of Canberrans turning out.

The park, named in a public poll, honours Henry Rolland, an architect who oversaw construction in Canberra during its initial years. The opening of the precinct also served as a family reunion for his descendants.

Rolland's grandson, Michael Lindell, said his grandfather would have been impressed by the new space.

"He would have been very, very pleased to see the emphasis on people," he said.

"It's a great bit of real estate that's been ignored up to now. He'd like it because of all the different ways people can move about the space."

Mr Lindell said the park opening had facilitated a large family reunion of the Rolland family, with relatives coming from across the country for the event.

As well as featuring a large boardwalk along Lake Burley Griffin, the park also features fitness equipment, a playground and picnic and barbecue facilities.

Speaking at the park's opening, ACT Chief Minister Andrew Barr said the area had been transformed into a more permanent space for the public.

"What we had here previously was a car park that was used for maybe one month per year as overflow parking for Floriade, but now we have a year-round facility for everyone," he said.

"This is the first time [in Canberra] that a car park has been replaced with a park."

City Renewal Authority chief executive Malcolm Snow said the new park was a chance for more community space among Lake Burley Griffin.

"For too long, our city centre has been cut off from its waterfront," he said.

The completion of the park sees the end of stage one of the West Basin project. The design process for stage two is under way.