AUSTIN, Texas — The University of Texas Board of Regents has voted to sell a unique piece of property in South Texas to SpaceX.
The space technology company owned by Elon Musk will buy the Stargate Technology Center, which is located near Boca Chica Beach, about 20 miles east of the UT Rio Grande Valley campus in Brownsville.
The facility was built in 2017 and was originally used in a partnership between the university and SpaceX for astronomy research, prior to the university discontinuing the program. SpaceX then began leasing the building and has expanded its operations there, even building a multistory rocket hangar on the property.
While the exact price of the sale hasn't been revealed, the deal must be made fair market value in accordance with Texas law. Given that the facility was built with federal grant money, the university may also be required to repay about 70% of its value back to the U.S. government once the sale is finalized.