After three years of construction and commuter chaos, residents and business owners in the Queens Quay area are likely breathing a collective sigh of relief.

The revitalized waterfront promenade is expected to officially re-open Friday evening with a ribbon-cutting ceremony.

Hundreds of community members at approximately 6 p.m. will be waving a 650-metre blue ribbon to celebrate the end of road detours and digging.

"We did this project with the community, we didn't do it to them," Waterfront Toronto spokesperson Andrew Hilton told CTV Toronto on Friday, adding that the public was consulted from the very beginning during the design process in 2006.

The new stretch of street has been re-aligned to include everyone: there are separate lanes for vehicles, cyclists, streetcars and pedestrians.

"It's a new street, it's not the same as the one people were using before," Hilton said.

The Queens Quay revitalization project was completed on time, however, the budget ballooned from approximately $93 million in 2011 to just over $128 million in 2014.

Waterfront Toronto previously said it encountered a series of challenges since construction started in 2012.

Friday's ceremony will also mark the beginning of the Redpath Waterfront Festival.

With a report from CTV Toronto's Natalie Johnson