land development pauma valley is an exclusive residential area located northeast of san diego cali fornia near the base of mount palomar of the 1.533 acres of land acquired for development and sale there remained 1,188 acres unsold at the close of the fiscal year the pauma valley country club is a private membership club located in the heart of the property available for sale and consists of a clubhouse swim ming pool tennis courts cottage accom modations and an 18 hole golf course which was designed by robert trent jones club membership now totals 330 members the tamalpais a high-rise residence complex for senior citizens is located in the marin hills at larkspur california and overlooks ross valley and the san fran cisco bay this 10 million structure con tains 281 apartments a 300 seat theatre in an adjoining building and kitchen and dining facilities for 300 as well as a 55 bed hospital in the circular three-story structure utah has been participating in other re tirement residence projects in addition to the tamalpais a project at pacific grove california was opened in 1965 the st paul's towers in oakland california was completed in 1966 and the calaroga ter race in portland oregon has been fin ished with units available for occupancy the company through affiliates ob tains the land provides the organizational assistance negotiates the financing and constructs the facilities the property is then sold or leased to nonprofit corpora tions that sell life residences to senior citi zens and operate the facilities for the benefit of the residents south san francisco industrial park orig inally contained 340 acres of hill and marsh land property which was developed for sale to industrial concerns on a build to-suit basis or for direct land sales with construction by others to remain compat ible with other structures in the area ap proximately 95 of the original acreage has been sold there are 122 industries located on the property in addition to an 8-unit condominium building vandenberg village is a wholly owned subsidiary of utah that has been develop ing land for sale as residential lots since 1956 the project is four miles south of vandenberg air force base near lompoc california the acquired acreage has been developed into residential lots an 18 hole golf course a shopping center schools churches commercial and industrial sites and parks and freeways there remain 752 acres undeveloped or partially developed at october 31 , 1 969 there were 1 21 de veloped lots shopping and commercial land and 78 residences available for sale south shore shopping center owned by the company and located on the south shore of alameda california contains prominent outlets for consumer goods and services for the benefit of the residents in the area the 59 acres occupied by the shopping center are part of the original 378 acres of tidelands acquired by the company in 1955 and filled by hydraulic dredging substantially all of the devel oped land has been sold or is under option for sale