Integra buys the Huizengas out of Rybovich for $72.4M

Integra Investments has paid $72.4 million for Safe Harbor Rybovich, the 15-acre superyacht marina at 4200 North Flagler Drive in West Palm Beach, buying it from Huizenga Holdings. The site carries entitlements for four condominium towers and 660 residential units, and a $75 million floating-rate loan from Upland Debt Lender backs the marina, retail, condominium and parking components.

Why it matters

This is not a marina trade. It is one partner buying out the other on one of the largest entitled waterfront sites in Palm Beach County, and the entitlement is the asset.

The Huizenga family, through Huizenga Holdings led by H. Wayne Huizenga Jr., owned and developed Rybovich and had been publicly aligned with Integra on a roughly $2 billion redevelopment of this same North Flagler stretch. Consolidating that under a single sponsor removes the slowest variable in a decade-long waterfront build, which is partner alignment across market cycles. It also tells you something about how the family reads the next phase: they built the marina and are handing the vertical risk to someone else.

For anyone underwriting West Palm waterfront, this is the comp that did not exist last week.

The numbers

At $72.4 million for 15 acres the basis is roughly $4.8 million an acre. Spread across the 660 entitled units it is about $110,000 of land per unit before any vertical cost, which only works at the price points North Flagler has been achieving and explains why the program is condominium rather than rental.

The approved plan runs to about 2.6 million square feet: four condo towers and 660 units, plus 37,445 square feet of retail, 20,691 of office, 14,376 of restaurants, 12,750 of crew amenities and 3,355 of marine storage. The crew-amenity and marine-storage components are the tell that the working marina stays, and that the residential is being sold on access to it rather than replacing it.

Integra runs a dedicated marina vertical, Integra Marinas, targeting high-barrier-to-entry markets, so this is a platform acquisition inside an existing strategy rather than an opportunistic land buy.

What’s next

Watch the phasing. A 2.6 million square foot program on 15 acres delivers over years, and the sequencing question is whether Integra builds the first tower against marina cash flow or waits on presales. For Palm Beach County developers the immediate use is the basis: $4.8 million an acre on entitled Intracoastal land is now the number your own site gets measured against. Track the market at the South Florida hub.