The official opening of the Geelong Quarter is a catalyst for a revitalised new gateway to Victoria's second-largest city. The 15-storey two towers with 124 apartments offer CBD living, a new 180-room hotel and a food and beverage mecca in the heart of the city's cultural and arts precinct.

Back in 2017, when Paul Franze, Founder of Franze Developments, bought the former bus depot at 44 Ryrie Street Geelong, his peers said he was "mad," financial lunacy.

Fast forward nearly six years and the $200 million Geelong Quarter has now officially opened.

The Holiday Inn & Suites Geelong, with an expansive lobby, dining area and pool, is the first hotel to open in Geelong in over 20 years.

Located on the hotel's first level is the new home of Good Chef Bad Chef Adrian Richardson's latest restaurant, tipped to be a steak mecca, showcasing local produce and wines from the region.

The street level of The Geelong Quarter is designed to be a food and beverage destination with retail spaces still available for alfresco dining and a choice of hospitality options.

"It's certainly been an eventful journey from the ground-breaking to topping out and now completion of this amazing project, all culminating with a once in-100 years pandemic in between," Paul Franze told the audience at the opening.

"Our vision was to create a new gateway site that will breathe new life into the south-western end of Ryrie Street and create a new link between the CBD, the cultural precinct, and the bay.

Geelong has changed significantly during this time, becoming one of Australia's fastest- growing regional cities as more people discover the benefits of living in the city of dreams," said Paul.

The Hon. Richard Marles joined Paul and Susan Franze to cut the ribbon and officially open the Geelong Quarter. Mr Marles said the project was terrific for the economy, bringing jobs and amenities to the city.

"It's going to be fantastic living here or staying at the Holiday Inn and walking across to the Arts Centre to see a show or the Geelong Art Gallery, which is one of the hidden treasures of our town."

Celebrity chef Adrian Richardson catered for the opening and led a cooking demonstration, handing a gas blowtorch to Mr Franze and Mr Marles to caramelise the top of their crème brûlée while confirming to the audience that he will be opening a restaurant at Geelong Quarter.

As the second-largest city in Victoria, Geelong's population is projected to increase by 124,000 by 2041. The region's popularity as a tourism destination and gateway to the Bellarine Peninsula has heightened the demand for quality accommodation and new hospitality offerings. With the Spirit of Tasmania now docking in the Port of Geelong, the city's appeal has grown stronger. With the anticipated project now complete, Paul Franze he's pleased he didn't listen to the sceptics back in 2017.