The new $130-million Art Gallery of Nova Scotia location planned for the Halifax waterfront could be open in less than five years.

The chief executive director of the gallery, Nancy Noble, told Halifax's audit and finance committee on Wednesday that a competition is underway and an architectural team should be in place by July.

"We want to have a design completed by the spring of 2021," said Noble. "If all goes well we'll open in late fall of 2024."

The decision to move the gallery from its current home on Hollis Street was announced last year.

Noble asked the municipality to contribute $7 million, or six per cent of the overall costs, over five years to the project. No decision has been made.

The province has already committed $68 million and Ottawa has agreed to contribute $30 million. The art gallery plans to fundraise $25 million.

Noble told members of the audit committee that construction of the new art gallery will create 1,100 construction jobs. She also said the construction project will increase revenue for the province by $9 million and $1.1 million for the Halifax region.

The art gallery envisions a new "art district" on the Salter block of the waterfront with 130,000 square feet of exhibition, classroom and outdoor space for public art.