The Tasmanian Planning Commission has rezoned the riverfront land to enable it to be used for hotel purposes.

Planning minister Peter Gutwein said the hotel investment would ensure Northbank became North's jewel in the crown.

``It is a fantastic project for Launceston (and) a fantastic project for this region,'' Mr Gutwein said.

``Mr Stewart should be commended for his vision in breathing life into the silos project.''

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