It has taken five years to build, $293 million and 2 kilometres of beer lines, but North Queensland finally has a new stadium in the heart of Townsville's struggling CBD.

Key points: The North Queensland Stadium took two and a half years to build and cost $293 million of state and federal government funds

The North Queensland Stadium took two and a half years to build and cost $293 million of state and federal government funds The stadium seats 25,000 and will be the new home of the NRL's North Queensland Cowboys

The stadium seats 25,000 and will be the new home of the NRL's North Queensland Cowboys The stadium is anticipated to create 1,000 jobs during major events and reinvigorate the Townsville CBD's economy

"Every time I see it, it gives me goosebumps — it's a world-class stadium," said rugby league great Johnathan Thurston.

The major infrastructure project has opened its gates after two and a half years in construction, becoming the new home of the North Queensland Cowboys.

Thurston was a champion of the stadium, using his victory speech at the 2015 NRL grand final to lobby for funding.

Johnathan Thurston with his four daughters at the unveiling of his statue. ( ABC North Queensland: Lily Nothling )

The Cowboys star has been immortalised in a life-size bronze statue outside the complex.

"Not only does it attract the Cowboys home games, but hopefully we can attract world-class events here to the stadium — that's what it was built for," Thurston said.

Sir Elton John will christen the 25,000-seat venue with a performance next weekend.

The stadium was built with $193 million of Queensland Government funding and a $100 million contribution from the Federal Government.

It replaces the suburban Willows Sporting Complex which opened in the 1990s on the outskirts of the city.

Johnathan Thurston used the Cowboys 2015 NRL premiership win as an opportunity to appeal to then prime minister Malcolm Turnbull to fund a new stadium. ( AAP: Dean Lewins )

The new stadium took 23,000 tonnes of concrete, 190,000 bricks and blocks, and 11,000 square metres of turf to construct.

"1,900 people who call North Queensland home worked on this project — that's one in every 100 people who live in Townsville helped build this stadium," said Sports Minister Mick de Brenni.

The venue will create up to 1,000 jobs during major events.

Two kilometres of beer lines have been installed to quench thirsty crowds.

A bronze statue of NRL legend, Johnathan Thurston, has been unveiled outside the new stadium. ( ABC North Queensland: Lily Nothling )

Stadium offers hope for businesses facing 'dire' prospects

Local businesses across Townsville are hopeful the stadium will offer the CBD a boost after years of economic downturn.

Tickets to the first Cowboys match sold out in record time and hotels around the city are fully booked on game night.

"Stadiums, and especially a project like this, bring a lot of business to the town — they drive the investment and they are also great for job opportunities," said hotel manager Pankaj Sinha.

"They are like an economic engine that draw in tourist dollars … but it all depends on what kind of fuel you're going to put into the engine."

Townsville shop owner, Lucy Downes, says she is hopeful the stadium will be a catalyst for change. ( ABC North Queensland: Nathalie Fernbach )

Retailers, like Lucy Downes, are pinning their hopes on the stadium luring more visitors into the often-empty shopping precinct.

"I've been through the ups and downs — this is a bit of a dire period at the moment," Ms Downes said.

The business owner said she was forced to lay-off all her staff to keep her homewares store afloat.

"In the last four years it has done a downward trend to the point where I am basically running the shop on my own, seven days a week," she said.

"I am expecting the stadium will completely transform the CBD — it won't be happening overnight, but it will be the catalyst for some significant change."