Cruxstone Development and Investment inaugurated the first phase of Nautica Rise, located along Elegushi Beach on the Atlantic coastline, describing it as a long-term mixed-use real estate and tourism destination designed to meet Lagos’s future housing and hospitality needs.

The Managing Director of Cruxstone, Dr Adetoro Bank-Omotoye, who spoke with journalists during a media interaction at the project site on Tuesday, said Nautica Rise was conceived as a response to changing urban lifestyles, rising demand for short-stay accommodation, and the need for large-scale, properly planned coastal developments in Lagos.

According to Bank-Omotoye, the project sits within the city’s prime coastal belt, close to Eko Atlantic, giving it strategic access while remaining within Lagos’s central business and leisure corridor.

“Lagos has over 100 miles of coastline, but this development is within the first few miles of the city. It is right in the urban core, which makes it unique,” he said. “It is a huge infusion of hospitality and lifestyle, giving you the feel of a hotel, even in your own residence, with a lot of amenities that you will have in a five-star hotel.”

He explained that Nautica Rise would be delivered in phases over several years, with the first phase focused on beachfront amenities intended to attract daily footfall and establish the area as a leisure destination.

“The first phase is the beachfront amenities, which will be ready in phases, starting from this month. That is what will drive traffic, tourism, and activity into the area,” he said.

Construction of residential towers, he added, would commence in 2026, with the overall project expected to comprise about 10 towers ranging between 20 and 50 floors, delivered progressively up to 2033.

Bank-Omotoye noted that the company’s approach to development prioritises long-term planning, regulatory compliance, and sustainability, particularly for waterfront projects.

“Before we develop any site, we study the government master plan, both immediate and long-term. We do not build on setbacks or restricted zones because investors’ funds must be protected,” he added.

Addressing concerns about delays common with off-plan developments, he stressed that Nautica Rise was structured around a mixed funding model rather than reliance solely on buyers’ deposits.

“This is not a project you can fund only with off-takers’ money. We are using a mix of equity and partner funding, including foreign partners and local financial institutions,” he explained.

He acknowledged that currency volatility had affected construction costs in recent years but said recent stability in the foreign exchange market had improved planning and procurement.

“For us, it is not about how high the dollar is, but stability. When the currency is stable, you can plan, budget, and deliver,” he said, adding that the outlook for the real estate sector was “much brighter” going into 2026.

He added that Nautica Rise was designed with hospitality and lifestyle features to support short-stay rentals, serviced apartments, and tourism-driven occupancy.

Beyond investment considerations, he said the project would have a broader economic impact on the surrounding communities and Lagos through job creation, infrastructure development, and increased commercial activity.

“Projects of this scale are transformational. They bring huge economic benefits, create jobs, attract infrastructure, and change the economic dynamics of their environment. Also, there is a total overhaul and transformation of the local environment. This kind of project is transformational for the lives of people across different income brackets,” he added.

Bank-Omotoye, however, emphasised that the company would continue to engage regulators, community stakeholders, and investors as the development progresses, maintaining that Nautica Rise was planned as a long-term addition to Lagos’s evolving coastal landscape rather than a speculative venture.

Meanwhile, the Lagos State House of Assembly member representing Badagry Constituency 1, Solomon Bonu, recently emphasised the need for stronger collaboration between government and the private sector.

He mentioned that such partnerships are crucial for funding, expertise, and effective management of tourism projects.

The lawmaker highlighted that enabling private sector participation would help expand infrastructure, attract more visitors, and accelerate Lagos’s economic diversification.