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Show As stated previously, Utah had diversified its operations by taking an active part in residential building. During the years 1952 through 1954 the Company participated in the construction of 6,846 homes having a total value of approximately $59,000,000. These homes had been built entirely in response to the need for housing at military installations or at industrial areas where critical shortages existed. Utah's continued participation in the residential construction field had been placed on sound footing by the acquisition of strategically located land in areas of rapid population growth. In 1954 Utah acquired control of two valuable sites in the San Francisco Bay area 5, 000 acres in the Moraga Valley and 1,000 acres of tidelands in Alameda. , A subsi- diary company purchased 105 acres near Vancouver, British Columbia. Construction was then immediately undertaken on this Canadian property. Construction was also started on 100 acres at the De Anza Vista sub- division near Richmond, California, which had been purchased the year before. Moraga Valley Lying a few miles east of Oakland, California, was the Moraga Valley, and here Utah acquired 5, 000 acres of land. This historic site was originally part of the land granted by the King of Spain to the Moraga brothers, and since that time it has only changed hands three times. The first time was in a poker game and the new owner left the State just ahead of an angry Vigilante group. He subsequently sold the property to the Moraga Company which operated it until the time of our purchase. The hilly parts of the;property Were used as grazing land while the more level lands were planted in walnuts and in pears. This was the largest single property close to the San Francisco-Oakland metropolitan area. Here over a period of years Utah is building an attractive residential community and is installing commercial facilities to serve the 30, 000 people who will ultimately make their homes on this property. Alameda South Shore and Bay Farm Island The second important land acquisition was in the city limits of Alameda, California, an established community of 70, 000 people, built upon an island in San Francisco Bay and so thoroughly developed that it was difficult to find a vacant lot. Here Utah acquired approximately 1, 000 acres of tideland. The first parcel of 350 acres known as the Alameda South Shore was adjacent to the island of Alameda itself and was purchased in December 1954. The balance of the property was on Bay Farm Island |