Merit to Provide Property Management Services for The Shipyard in San Francisco

Merit will deliver comprehensive HOA planning and management for San Francisco’s newest urban mixed-use and master-planned community

San Francisco, CA, July 31, 2012 —Merit Property Management, a FirstService Residential Management company, has been selected by HPS Development Co., LP, a partnership managed by Lennar Urban, to provide association forward planning and property management services for its newest urban community development called The Shipyard in San Francisco.

“We are proud of the long standing partnership we enjoy with Lennar and we couldn’t be more excited and appreciative of being selected to manage what we know will be an incredible addition to the city,” said Robert Cardoza, Merit’s Chief Executive Officer. “Having managed large scale developments similar to The Shipyard, and having operated in San Francisco for well over a decade, we understand the complexities and are experienced with both the culture of the city and the nuances of developing a community such as this one.”

“We are dedicated to the idea that an association, when planned and executed right, can be a tremendous asset to the community experience for the residents that live there. We strive to be more than a typical management company and look forward to this partnership that will bring innovative ideas and a dynamic experience for those who will choose to live at The Shipyard,” stated Cardoza.

Merit’s consulting company, Merit Association Services, was brought on in 2011 to provide forward planning and pre-management services for Lennar and will continue to do so throughout the various stages of the development, including budget forecasting, subsidy analysis and California Department of Real Estate processing.

The Shipyard will include more than 63 total acres, up to 1,400 new homes with more than 30% affordable to low-income families, 25 acres of new parks, trails and open space featuring spectacular views of the bay and city. The new community will also feature 9,000 square feet of retail and commercial space for local businesses. The community is being developed on the old Hunters Point Naval Shipyard and is part of the larger 12,000-home master planned community that encompasses almost 800 acres on the old Hunters Point Naval Shipyard and adjacent Candlestick Point.

Merit has been providing management services in Northern California for more than a decade and continues a strong presence in San Francisco and surrounding areas.

About Merit
Since 1980, Merit has grown to be one of the foremost providers of professional community association services in the Western States, with ten regional offices throughout California. Merit specializes in the forward planning and management of master planned, single family home/condominiums, active adult, and urban high- and mid-rise communities. Voted “Best Companies to Work” 2009, 2010, 2011 as recognized by the OC Business Journal.

Merit is a subsidiary of FirstService Residential Management (FSR). FSR is the largest manager of residential communities in North America, overseeing more than 5,600 properties and over 1.3 million residential units.

FSR is a subsidiary of FirstService Corporation (NASDAQ: FSRV, TSX: FSV), a global leader in the rapidly growing real estate services sector, providing a variety of services in commercial real estate, residential property management and property services. More information about FirstService is available at

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