Features Writer Enrico Chhibber spoke with Niccolò Bizzi, CEO of Argo and Member of the Board at Bizzi & Partners, and Federico Torno, General Manager of Porto Carlo Riva, about Bizzi & Partners' decision to buy the marina and its evolution since the 2018 storm.

Aerial view of Porto Carlo Riva in Rapallo, Italy. Porto Carlo Riva

Porto Carlo Riva, located in the picturesque town of Rapallo in Liguria and established in 1975 as Italy's first private marina, has undergone a complete revival since the catastrophic storm of 2018, which caused the collapse of the breakwater and significant damage to the harbour and the yachts moored there. 

Since then, the marina has undergone extensive redevelopment, overseen by the real estate development group Bizzi & Partners, which acquired the marina in 2021. This acquisition marks their first marina investment as they had previously  predominantly focused on real estate projects worldwide. The Carlo Riva marina project was carried out using Bizzi & Partners' investment vehicle, Argo Srl, in partnership with Fidim, a family office led by Luca Rovati. The newly redeveloped marina was inaugurated in 2024, while the total investment in the project surpassed €70 million, with 50 percent allocated to the reconstruction of the outer breakwater.

What was damaged in the 2018 storm?

Described as “completely extraordinary” by Federico Torno, Marina Manager of Porto Carlo Riva, the 2018 storm brought heavy rain, high winds and waves exceeding 10 metres, battering the coastline overnight. The storm caused the collapse of the breakwater, a permanent structure designed to protect the marina from tides, waves and storm surges. As a result, Torno noted that “around 350-400 yachts were seriously damaged,” and the town of Rapallo was flooded.

Niccolò Bizzi elucidated that the storm had left the marina "completely destroyed", making it nearly impossible to evaluate the damages. "The value of the marina was almost zero," he said. "The biggest challenge was the risk of rebuilding in such a short time, especially since another storm could have damaged the homes of the people of Rapallo. Our first priority was to rebuild the seawall in just 18 months, restoring the town’s security. That was our biggest concern."

The architectural design of the redevelopment of the marina was led by Susanna Scarabicchi, founder of Tectoo Studio, with the project managed by Bizzi & Partners and construction carried out by Savarese.

Damaged boats at Porto Carlo Riva after a 2018 storm. Porto Carlo Riva

Why did Bizzi & Partners acquire Porto Carlo Riva?

"It was ultimately an opportunity," recalled Bizzi, who explained that, as a real estate company, Bizzi & Partners has historically focused on high-end residential and hotel projects. "However, over the course of the company’s history, we have also undertaken projects in other asset categories, such as hospitals and shopping malls. So, when the possibility arose to acquire the marina after the storm, we decided to take it," he added.

When discussing what attracted Bizzi & Partners to Porto Carlo Riva, Bizzi elaborated: "In real estate, it’s really a location business. The first rule is location, the second is location, and the third is location. So, when you find a marina close to Portofino, it’s the perfect place to build a high-end luxury marina in the Mediterranean. That was our vision from the start."

Initially, Bizzi & Partners undertook the investment alone. "We took the initial risk for the permits and the rebuilding of the marina," noted Bizzi. "After seeing the potential in the project, the Fidim family office was keen to join us. They have been incredibly important partners in the complete redevelopment of the asset."

Strategic approach to redeveloping Porto Carlo Riva

Regarding the strategic approach to rebuilding the marina, Torno pointed out: "We decided to create a modern marina, offering comprehensive services for yacht owners, their crews and clients. It’s one of the few marinas in Italy with such strong connectivity to the city. Located in the heart of Rapallo, the marina benefits from direct access to a wide range of city services.”

Moreover, Bizzi & Partners chose to focus on luxury offerings and services for both yacht owners and crews, opting for fewer berths, reducing the total from 350 to around 250, while catering to larger yachts ranging from 7.5-63 metres. As Torno explained: "Before the redevelopment, the largest yachts that could enter the marina were around 35-40 metres."

While Bizzi emphasised that Porto Carlo Riva is focusing on both the smaller and larger yacht segments, the decision to expand further into the superyacht segment was driven by the liquidity it offers, with superyachts spending significantly on services for both crew and guests. Bizzi stated: "When you consider a superyacht, the number of people working on it is enormous. Moreover, we have many international clients who appreciate the idea of having a luxury marina close to Portofino. The major difference before was that it didn’t focus on larger yachts. Now, we can cater to both."

The increase in larger superyachts cruising the Mediterranean, coupled with the lack of infrastructure to accommodate them in the region, further influenced the decision to expand, according to Bizzi.

In addition, prior to the takeover, Torno described Porto Carlo Riva as somewhat of a "Fort Knox", noting that it was difficult for those cruising nearby, particularly in Portofino, to secure a berth and enter the marina. "This was one of the most important things we began developing last year," he said. "We quickly saw that the feedback from the crews was extremely positive. Unlike other marinas nearby, where security checks and berth assignments could delay your arrival, we ensure that once a reservation is made, it’s confirmed and straightforward. This represents a significant change for Rapallo."

Regarding the preservation of Porto Carlo Riva’s heritage during the rebuild, Bizzi clarified that maintaining the name Porto Carlo Riva was integral. "We struck a deal with Riva to keep their boats in the marina, which was a key way to preserve the marina's heritage," he expanded.

A renovated marina at Porto Carlo Riva. Porto Carlo Riva

Current occupancy rates and clientele

Regarding current occupancy rates, Torno shared that the marina operates at around 93-95 percent capacity during the high season. "In the winter, we’re around 70-75 percent," he added. "We’re working hard to attract yachts that used to stay just outside the harbour. Many of those yachts now spend two, three, or even four days in our marina before or after visiting Portofino. We’re very happy with this as we work closely with yacht agencies and captains throughout the year."

Regarding international clientele, Torno noted that the marina is well known among Italian captains. "Almost all of them are familiar with the marina, especially those connected to the Italian Yachtmaster Association," he said. However, Torno pointed out that for international captains, particularly those from countries like England, the Netherlands and others, the marina was less familiar. "They didn’t know that Rapallo had such an important marina, but they’re discovering it now," he added. "From a captain's perspective, this is opening up a new market."

Torno further stated, "Currently, 80 percent of our clientele is Italian with many opting for permanent stays through contracts, while 20 percent is international." He also added, "We are starting to see an increase in requests from international yacht owners, which is a promising development."

‍Priorities and potential future marina investments

Outlining the marina's priorities, Torno stated: "Our goal is to position Marina Porto Carlo Riva as a key destination for superyachts, providing a safe harbour during the winter months. While we lack the shipyard facilities of Genoa or La Spezia, our marina offers a leisure-focused environment for superyachts throughout the year. In the summer, yachts are cruising the Mediterranean, but we aim to establish ourselves as a key superyacht marina on the Italian Tyrrhenian coast." He also noted that the response from the superyacht community has been positive.

When asked about expanding into more marina investments, Bizzi acknowledged the challenge of predicting future plans. "In the past year and a half, we’ve explored several marina projects and received other offers," he said. "We’re not in a hurry, and while there are a few interesting opportunities, I’m not saying we have a pipeline of marinas for the next 20 years. It’s not something we’re ruling out, but the focus remains on creating something unique, like Marina Porto Carlo Riva.”

This article was also published in issue 150 of Marina World magazine. Click here to read the online version.