Mitre 10 Mega Wanganui was a major sponsor of the tower along with many Whanganui businesses and Mr Newell himself has been building it in recent months.
He said the ground was levelled for its construction about two decades ago.
"It's been in the pipeline for 20 years, it's just never got the kickstart it needed," Mr Newell said.
At Saturday's opening there will be a sausage sizzle and drinks available for a gold coin donation which will go to support the Whanganui Surf Lifeguard Service.
"There will also be a new boat on display and also one of the boats doing a bit of a demonstration in the sea," Mr Newell said.
Patrols will run from 12pm to 6pm until the end of February.