The village's new buildings feature a cafe, bar and social areas, hairdressing salon, exercise room, library and IT suite and outdoor bowling green and spa pool. It also has five care apartments.
Mr Yule said the community was grateful to Summerset for choosing to invest heavily in the new building for Hastings as the ageing population is putting pressure on retirement village developers around the country to build new facilities.
"Not only is Summerset in the Orchard a great place to retire but it is also a strong contributor to the local economy," he said.
An independent economic impact study by Napier analyst Sean Bevin said the village would contribute $1.6 million annually to the local economy when completed.
Satisfied resident Sylvia Kelsen said she moved from Havelock North when she and husband Ken were "not very well" and had to rely on family to come around and do lawns and gardens.
"We came here on November 5. It went off with a bang and it's been banging ever since - it's the best move we've ever made. We have a whole new circle of friends, everyone is so lovely here."
She said the many activities offered a "whole new life".
"And you have lovely neighbours," said her neighbour and friend Bev Wilson, who moved just one block with her husband George to join the village.
They couples didn't know each other previously but are now good friends.
George put in a concrete path between their units.
"She wasn't allowed to get her slippers wet," said Mrs Wilson.
She said they also moved because their "grounds were getting too big".
"We are so glad we did. There is a lot of fun and always something to do - you are never bored.
"You can go down and put your rubbish out and you don't make it back until an hour later - there is always someone to talk to at the cafe.
"It's lovely here - we do have a lot of laughs."
Mrs Kelsen said said she never thought she would move into a retirement village.
"Oh I have to eat my words so badly now. But I don't call it a retirement village - it's a lifestyle village."
Ken and Judy Dyer inspected retirement villages throughout the country before deciding on Summerset's Ada St development.
His motorhome sits in a designated parking spot with several others.
"It's not officially called the dog house and it is handy as a spare room for visiting family," he said.
Residents had organised many activities and the village wine club had 60 members, many from the surrounding neighbourhood.
Publicly listed Summerset is the third largest operator, and the second largest developer, of retirement villages in New Zealand, with 14 operational villages across the country for about 2000 people as well as plans for five new villages.
Residents do not obtain title to their units but receive a right to occupy for life.
The proportion of Hawke's Bay people aged 65 and over is expected to double within 20 years.