Connecting Donegall Quay with Queen's Quay the new Lagan Weir Pedestrian and Cycle Bridge replaces the old footbridge and represents a £5m investment in the city from the department.
Speaking at the official opening, Minister Storey said, "I am delighted to officially open the new Lagan Weir pedestrian and cycle bridge.
"This magnificent bridge considerably improves the connection from Belfast city centre to Queen's Quay, and showcases the potential for development in this area."
With 16,000 people crossing the old footbridge each week, it is anticipated that the new Bridge will be well utilised, offering access - for the first time - to both pedestrians and cyclists.
The Minister added: "My department is committed to implementing the Queen's Quay Masterplan and this is the first stage in that process.
"The Queen's Quay Masterplan sets out an exciting vision of the development potential of this area, and the creation of this new bridge will improve the links between the city centre and Queen's Quay, as well as the Titanic Quarter."
The new bridge, which is approximately eight metres across at its widest point, was constructed by Graham Construction and has been completed in time for the Tall Ships 2015 event.
Afloat.adds this is the third time Belfast City has hosted the Tall Ships Race where more than 50 tall ships will be visiitng the harbour for a four-day festival beginning tomorrow, Thursday (2 July).
For more on this new bridge spanning the Lagan, click here.