Mirage Mountain Resort is the boldest investment in the Tias Capital portfolio -- and the one that most directly tests our thesis. A ski resort in San Diego County sounds like a contradiction. We see it as an asymmetric opportunity hiding in plain sight.
Palomar Mountain rises to 6,140 feet in northern San Diego County, receives meaningful annual snowfall, and sits within a two-hour drive of 3.3 million people. It is home to the Palomar Observatory, one of the most significant astronomical research facilities in the world. And it has no organized ski infrastructure. The mountain's potential as a winter tourism destination has been discussed for decades but never capitalized. We intend to change that.
The development plan covers three phases totaling $85 million. Phase 1 delivers 280 skiable acres, 22 runs across beginner through expert terrain, four lifts, a base village with dining and retail, and a signature stargazing program developed in partnership with local astronomical organizations and tied to Palomar Observatory's legacy. Phases 2 and 3 will add lodging, expanded terrain, and four-season programming.
There is no other place in America where you can ski in the morning and watch the sunset over the Pacific from a stargazing deck in the evening. That is not a marketing line. It is an investment thesis.