"Tauranga is fairly well serviced but we identified the western side of the city as unserviced and we understood there was a pressing need for people to move into and need access to care, which is where we are a little different from other villages with the full continuum of care," Mr Challies said.
With Tauranga's rapidly growing population, Mr Challies said he expected the complex to be fully occupied by the end of the year.
About 60 staff were employed for now but he said he expected to have about 120 staff on board as the complex was further completed this year.
Along with the dementia unit, many of the serviced units were still under construction.
"It has been a big build but we still have 100-150 tradesman on site each day.
"It has gone remarkably well."
A plaque was unveiled at the opening ceremony by family members of Sir Bob Owens, after whom the complex was named.
Mr Challies said in researching what to name the complex shareholders, many of whom lived in Tauranga, were approached.
"We actually wrote to them to ask them for their advice and a vast majority of them recommended Bob Owens. So it's appropriate," Mr Challies said.
Sir Bob died in 1999 aged 78, after a making an enormous contribution to the growth of Tauranga and attaining the unique achievement of being a mayor with both the former Mount Maunganui Borough Council and the Tauranga City Council.
He was a staunch advocate for the Harbour Bridge and, after 20 years fighting for it, he had the satisfaction of cutting the ribbon in March 1988.
