Waterford Development Corp. was formed as the development division of The Waterford Companies in April of 1995. The principals of the firm are Richard N. Houlding and Robert E. Shapiro. The company was formed to take advantage of the real estate development and financial experience of the principals within the framework of a small business model. Each of the principals brings a distinct discipline to the development team; Mr. Houlding in his experience in the equity markets and in property management, and Mr. Shapiro in his acquisition skills, marketing management, and familiarity with the debt markets. The company also benefits from the skills of two exceptional asset managers, Rebecca Mahoney, who has been with the Waterford Companies for over ten years, and Susan Brown, who is entering her seventh year with Waterford.