Phillimore directors Ross Healy, brother Ken and Terry Gould, said the council's investment in shared spaces - where pedestrians and motorists share newly-paved roadways - helped to trigger their investment.
Architects Fearon Hay have transformed the buildings. What is left of the 1911 Queen's theatre's ornate plastered ceiling is part of Everybody's bistro/bar that opens on to an internal courtyard.
Next door, in the former theatre space, which became the Roxy in 1929, is a more formal restaurant named Roxy with matching neon letters outside in Fort Lane.
The owners of La Zeppa restaurant, Snapdragon in the Viaduct and The Matterhorn and Foxglove in Wellington are behind the two restaurants. Former Matterhorn executive chief Sean Marshall is in charge of the kitchens.
One of the most unusual spaces is a lidded roof loft that was probably a warehouse at some stage and has been named "the Boathouse" by the directors, who are in the final stages of letting it to a commercial tenant. Another space, off the courtyard, could become a hairdressing salon.
Ross Healy said they had worked closely with heritage staff at Auckland Council and the Historic Places Trust to retain as much heritage fabric as possible. Brick walls and original pillars have not been plastered over, creating a slightly grungy feel.
Ken Healy said the buildings had been shut off from public view for so long, and said the goal had been to open them up for the next 100 years.