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Space might be Elon Musk‘s ultimate goal, but he’ll make do with a large chunk of Texas in the meantime. According to The Real Deal, the richest man in the world owns $3.4 billion of Texas real estate, which houses mostly business ventures such as SpaceX, Tesla and The Boring Company but also comprises large swathes of land where he plans to develop self-sustaining towns.
Like many former Californians, Musk was attracted to the Lone Star State because of its business-friendly regulatory environment.
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Musk’s Southern strategizing became apparent when the Wall Street Journal reported on his plans to build his own town on part of thousands of acres of newly purchased pasture and farmland outside Austin by the Colorado River, where his employees could live for below-market rents. It has since been revealed that Musk’s new town has been dubbed Snailbrook because of the slow pace of progress.
The 440 acres Musk’s companies own in the area include an 11-acre Starlink factory (that produces internet kits) with amenities for workers and a playground for his children. However, Musk also owns at least 2,500 acres along either side of State Highway 130 and 900 acres in Boca Chica. Currently, the modest prefab homes in an area branded Starbase (SpaceX’s rocket development) are nothing to write home about, but Musk plans to develop the area. There are plans to build a $6M restaurant and a $9M shopping center.
An election would allow voters to cast a ballot for a slate of three new city officials, including the city’s first mayor, crucial to the incorporation of a new town. According to The New York Times, the petition suggests that the mayor will be SpaceX’s security manager, Gunnar Milburn.
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The Starbase petition describes a community of around 500 current inhabitants, including at least 219 primary residents and over 100 children. The intended location is at the end of State Highway 4 by Boca Chica Beach, close to the launch site of SpaceX rockets. The town is small by Texas standards, about 1.5 square miles.
Of course, the main reason Musk chose Texas was business. The state’s large swathes of undeveloped land make it ideal for industrial real estate. Musk owns 2.5 acres outside Tesla’s Gigafactory, conveniently close to Bergstrom International Airport. The technocrat’s personal residence is also located there – a $35 million family compound with a Tuscan Villa. 10 miles east of Austin, Musk plans to expand his Neuralink operations – sci-fi-like company that develops brain-computer interfaces (BCIs) that allow people to control devices with their thoughts – with a new office and manufacturing spaces.
Despite a significant Texan presence, the possibility of high-paid jobs, new infrastructure and a booming economy, many Texans aren’t thrilled about Musk’s presence. A community group, Save RGV, filed a lawsuit against SpaceX for releasing wastewater into nearby wetlands. In addition, Musk has to convince local officials in Cameron County of his intentions. There is evidence that Musk might not be content with forming just one town. According to The New York Times, he has investigated the possibility of housing employees in a development outside the town of Bastrop, near Austin, where several of his businesses are located, including a manufacturing plant for SpaceX, the headquarters of the Boring Company, which creates tunneling technology and soon, offices for the social media platform X.
It’s an ambitious venture – but when has that ever stood in Elon Musk’s way?
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This article Inside Elon Musk’s Burgeoning Texas Real Estate Portfolio: The Richest Man In The World Owns Billions Of Dollars Of Lone Star Property originally appeared on Benzinga.com
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