The site on the intersection of Kingsway, Gerrard and Osborne Road in Ikoyi is a prime location in Lagos for prospective real estate development. Multiple access points, high visibility coupled with the exclusive Ikoyi location help boost it’s suitability. Quite humbly, a new development has commenced on the site. It is for a 5-star hotel by the Chelsea Group on 10 floors with 176 rooms, which will cost $25m. The distinctive build style that incorporates steel frames means that time of build will be considerably faster than other developments, which typically use concrete.
There are many other impressive mixed use commercial real estate projects nearby including Heritage Place, Kingstower, Temple Tower, Kingsway Tower, BAT Rising Sun, DSPDC’s residential developments and the Le Meridien Hotel and Residences, which is still on hold. The concentration of multiple large-scale mixed use developments are an indication that Kingsway Road and nearby regions will grow to become even greater nerve centers in the medium to long term. See this comparison of Kingsway Road and Ozumba Mbadiwe as mixed use hubs for more.