The completed town centre improvement scheme was unveiled by South Down MLA and incumbent Regeneration Minister Margaret Ritchie.
Works included the re-alignment of roads, upgrading of footpaths, and increased lighting and street furniture.
Implemented by the Department for Social Development, in partnership with Down District Council and the Roads Service, Ms Ritchie said the the scheme was likely to encourage private sector investment in the area.
Minister Ritchie said: "This is more good news for the people of Newcastle. The investment of £3.5million by my department in the streetscape project complements the work undertaken by Down District Council to the promenade.
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"Both have had a major impact on the town which is evident by the number of awards presented to the council in relation to the magnificent promenade which is considered to be the best in Britain.
"I want all our towns to be places which provide opportunities for all, and Newcastle is a fitting example of how this can be achieved. Not only has the streetscape enhanced the area, it provides a safe and attractive place for people to live, work and visit and has the ability to stimulate private sector investment.
The Minister added: "I am delighted that I have been able to contribute, as the main funder, to such a prestigious scheme."
Down District Council Chairman Councillor Colin McGrath said: "The streetscape came about as a result of very significant funding from both the Department for Social Development and the Department for Regional Development who both shared Down District Council's vision and dream of a new Newcastle.
"This vision has become a reality in a very short period of time and within an environment of a bustling seaside resort.
"Down District Council was entrusted and welcomed the opportunity to project manage the streetscape along with a very dedicated and hard working design team and I would like to take this opportunity to thank them, and to say to both the Department for Social Development and the Department for Regional Development that we as a Council look forward to working with you on many more schemes of a similar nature within our district," added Councillor McGrath.
