The Land Development Agency announced that Geocon, with partners Fender Katsalidis architects and Oculus, won the tender, but the agency did not release details of the winning bid or Geocon's proposals.

Agency chief executive David Dawes said the partnership had "created an exciting concept for the precinct that would stand the test of time".

It included "workshops, gallery spaces and offices for arts groups, visiting artist accommodation, landscaped plazas for outdoor entertainment and events, and generous parking provisions", he said.

The tender documents required at least 500 publicly available carparks during the week and 800 on the weekend, about 7000 square metres of arts facilities, a 4000 square metre outdoor arts-event space, and at least 20,000 square metres of non-residential facilities.

He provided no further details on the bid, saying negotiations with Geocon and consultation with the arts community would determine the final design. It could take up to six months to finalise contract negotiations, which would also determine how much of the land was sold and how much retained by government.

According to a masterplan for the site, it will include an apartment building with about 150 units, a parking building, retail and commercial development and office space. The government recently changed the territory plan to also allow a hotel and childcare centre.

The site is largely open space at the moment, with carparking, although includes heritage buildings which are to be protected - the former Power House, now the glassworks, the Fitters' Workshop, and the former Transport Depot, now the Old Bus Depot Markets.

The former 1948 Switch Room, which has been used by for visiting artists' accommodation, is in line for possible demolition to make way for the new parking building.

The plan is to relocate Canberra Contemporary Art Space, Craft ACT, Photo Access, Art Sound FM, M16 and parts of the Canberra Potters' Society to the site, where they will join the Canberra Glassworks and Megalo print studio.

Geocon beat out Doma for the precinct.

Managing director Nick Georgalis said it would be the "jewel in the crown" of the Kingston Foreshore and would create "a cultural space of international renown and a beacon for artistic endeavour across the world", as the Museum of Old and New Art had done for Hobart.

Fender Katsalidis architects designed the much-acclaimed Mona in Tasmania, and the New Acton precinct in Canberra.

"Geocon is thrilled and humbled to be awarded the privilege of breathing new life into this iconic location," Mr Georgalis said.

As with the government, Mr Georgalis would not provide detail of his proposal.

Geocon has become a big player in the Canberra market. Mr Georgalis was 17th on BRW's young rich list for 2016, with wealth of $144 million. He climbed from 36th in 2015 and 77th in 2014 on the list of Australia's wealthiest people aged 40 and under.

Geocon also has Fender Katsalidis Architects and Oculus on board to develop the huge "Republic" precinct on Section 200 in Belconnen. It bought the site, a large carpark beside the canberra Labor Club, from the government last year.

Across the road from Section 200, Geocon is also building what is said to be Canberra's tallest apartment tower, the 27-storey Wayfarer, with 331 apartments.

Geocon has partnered with Fender Katsalidis Architects and Oculus to redevelop the site of the old NRMA office on Northbourne Avenue into an apartment building, hotel, retail and restaurant space it has dubbed Midnight. It plans 350 apartments and a 140-room apartment hotel on the site.

Geocon owns the Abode group of hotels, and last week announced plans last week to build a new hotel in the Kingston shopping centre. It also has a hotel planned in Murrumbateman.

Geocon is building the 20 and 22 storey Infinity apartment towers in Gungahlin, which it says will be the tallest structure in Canberra after the Black Mountain tower, at 70 metres.

It has built 257 apartments in the Observatory Living development ar Wright, in Molonglo, and 360 apartments at Southport in Tuggeranong.