Construction of Darwin's Larrakia Cultural Centre is close to beginning, with the Larrakia Developments Corporation securing a $56 million grant from the Aboriginal Benefits Account.

The project will see the Centre build in central Darwin at the Stokes Hill Waterfront Precinct, with construction expected to commence later this year.

Featuring a variety of educational facilities, an exhibition space and gallery, an outdoor auditorium, café/restaurant, art studios, artefact storage, a retail shop and function rooms for meetings and events, the project will provide a celebration of Larrakia history, culture, places, language and families in Darwin City.

Nigel Browne, chief executive officer of the Larrakia Development Corporation said support from the Aboriginal Benefit Account was crucial to the success of the important project.

"Over the last five years the Larrakia Cultural Centre has been acknowledged as a project of economic and cultural significance. We at the Larrakia Development Corporation believe it is that, and more," Mr Browne said.

"The project has already exceeded set targets on Aboriginal employment, circular economics, environmental sustainability design considerations and there is more greatness to come from this project.

"Without the funding provided through the Aboriginal Benefit Account, this project would not have been able to proceed.

"This is Aboriginal money being put to good use with an Aboriginal organisation building an asset for our Aboriginal community."

Funded through royalties from mining on Aboriginal land in the Northern Territory, the Aboriginal Business Account is a special account established under the Aboriginal Land Rights (Northern Territory) Act 1976.

The project is being managed by the Larrakia Development Corporation (LDC) on behalf of the Larrakia Development Trust (LDT) through a partnership between the Australian and Northern Territory Governments and the City of Darwin.

Larrakia Development Chair Mark Motlop said Larrakia people are proud of the project, remaining eager to see the completion of the Centre.

"This has been a long journey, and we are the closest we have ever been to fulfilling an agreement to restore the importance of Larrakia people, language, history and culture to the Northern Territory and the world," Mr Motlop said.

"The Centre will be a place that connects our people to their ancestral treasurers, language and stories. The Cultural Centre is about and for our community."

During the demolition phase of the project, the Larrakia Development Corporation had an established Aboriginal employment rate of 30 per cent and its contractor, NTEX achieved an Aboriginal employment rate of 53 per cent.

The Aboriginal trainees on the project have also been offered permanent placements with NTEX, providing immediate employment opportunities alongside the longer-term tourism benefits.

Federal Minister for Indigenous Australians Linda Burney said the project has cultural and economic impacts for Larrakia people.

"The construction of the Larrakia Cultural Centre represents a significant milestone for the Larrakia people as it is laying down the foundation of a place to share culture, history and language of the Larrakia people for generations to come," Minister Burney said.

"I'm particularly pleased with the Aboriginal employment outcomes we're already seeing from this project and feel heartened knowing people in the community that have built the idea will also build the infrastructure from the ground up," Minister Burney said.

"This project demonstrates the social and economic benefits that can be realised when governments, businesses and communities work together to celebrate the rich cultures and histories of First Nations people."

The Larrakia Cultural Centre project is expected to be completed in 2025.