The historic National Aboriginal Art Gallery in Alice Springs is one step closer, with the Northern Territory government completing the acquisition of land for the site.

On Saturday it was announced that negotiations with the Alice Springs Town Council on compensation for the acquisition of Anzac Oval have been successfully finalised.

The current site will be transformed into an "open, family-friendly community green space" with the Gallery as the centre piece, the NT government said. The Gallery's landscaping will also feature Kwatye (water) Play.

The development of the Gallery is part of a broader plan for the Anzac Hill precinct, which includes a new Visitor Information Centre, and purpose-built home for Tourism Centre Australia on the old Shell Depot site, as well as the realignment of Schwarz Crescent.

Shaded pathways, lighting and landscaping will connect the various elements of the precinct together and to the CBD.

NT Minister for Infrastructure, Planning and Logistics Eva Lawler said the National Aboriginal Art Gallery is one of the biggest investments in the history of Alice Springs.

"This project will boost the local economy, generate jobs and strengthen the Territory's position as the preferred destination for Aboriginal cultural tourism experiences in Australia," she said.

"While the broader Anzac Hill project will also provide wide ranging economic and social benefits for Alice Springs."

Construction of the Gallery is expected to commence in 2024 and Anzac Oval will remain accessible to the public before construction begins, the government said on Saturday.

A new multi-purpose community precinct will be constructed at the Kilgariff Estate that will incorporate two playing surfaces and supporting infrastructure for use by rugby league and rugby union, and the general community.