pictured on these pages is a sequence of developmental oper ations at moraga valley — raw land grading and installa tion of streets and utilities completed and occupied homes land development and special ventures utah construction & mining co directly or through sub sidiary and affiliated companies is engaged in the purchase development and resale of land for industrial commer cial or residential purposes among its more important active holdings are : moraga valley the company owns over 4,000 acres in the moraga valley a few miles east of oakland california this extensive land holding is strategically located to benefit by the growth of the san francisco bay region and is being developed at a patient pace designed to achieve maximum project profits south san francisco industrial park in south san francisco the company has created an industrial park by a leveling and filling operation that rendered more valu able the hilly land and marsh land originally purchased 107 acres were sold during the year and an additional 40 acres were improved leaving about 135 acres remaining unsold at the year end the 1959 sales were above our average expectations and resulted in an unusually good profit for the year alameda through two whoily-owned subsidiaries our company has important land holdings in the city of alameda this land was created by dredging sand from the san francisco bay south shore center inc is the owner of a shopping center having a building area of 280,000 square feet and land area of 65 acres south shore land co owns 335 acres which it is developing as residen tial lots for resale to residential builders lot sales quick ened as the year progressed and the first unit developed had been largely sold or committed at the end of the year additional lots will be readied for sale as market demand dictates vandenberg village during 1959 through a wholly-owned subsidiary we have acquired the right to develop for real estate purposes some 3,000 acres of land adjoining the vandenberg air force base the initial 100 i»ts have been sold and future demand seems promising because of proximity to this missile-testing base pauma valley through a wholly-owned subsidi ary we acquired approximately 1,100 acres of land in the pauma valley at the foot of mt palomar in southern cali fornia it is anticipated that this land will be developed for residential and recreational purposes the focal point of the project will be an 18-hole golf course designed by robert trent jones which is now under construction in addition to the foregoing we hold equity inter ests in a number of pieces of improved real estate where structures ranging from office buildings to grain elevators have been constructed and are under lease the land activities have been a source of substan tial profit in the past and should continue so in the future although it may prove difficult in 1960 to reach the record high earnings realized in 1959