left rolling terrain and golf course fairway a utah's roseville project near sacramento california right architect's rendition of th tamalpais in marin county california one of several senior citizens residence designed and constructed by utah joint venture following page mineral exploratio activities in british columbia stallment basis the company is performing the required dike con struction having obtained the necessary approvals for development from the u.s army corps of engineers and other authorities fill ing of the enclosed tidelands will follow this 900 acre project will provide many public benefits and enhance the shoreline of san fran cisco bay in the alameda area also in the alameda area the com pany's investment in the 65-acre alameda south shore shopping center continues to benefit from its steadily improving sales volume through percentage rentals a relatively new undertaking by utah's land development divi sion has been a joint venture program for the design and construc tion of retirement facilities for non-profit organizations and other sponsors these centers are pianned to provide comfortable housing food recreation and medical services to persons 62 years of age and over to date a garden-court styled project has been completed at pacific grove near monterey california a high-rise building is under construction in oakland and a third unit the tamalpais is now underway in marin county at this early stage these projects appear to offer modest additions to the company's land development earnings utah also possesses a range of other real estate investments these include the bay mart shopping center in san jose california a telephone building site in phoenix arizona and a multi-storied parking garage with ground floor office space in the central business area of seattle washington during fiscal year 1965 the liquidation of the albuquerque new mexico telephone property and utah's investment in the burrard building in vancouver b.c and substantial segments of the mo raga and alameda south shore developments yielded sizable profits the company's declining land inventory may make comparable per formance difficult over the years further ahead unless it can acquire real estate on a favorable basis utah continues to investigate new land development opportunities and will augment its inventory ' whenever a prospect meets the company's criteria for return on investment