Texas State acquires 20 acres for STAR Park
The Texas State University Board of Regents approved the purchase of 20 acres of land adjacent to the university’s Science, Technology and Advanced Research (STAR) Park for $1.77 million on Aug. 29.
STAR Park is a collaboration between Texas State University, private companies and researchers, which aims to spur public-private development of new or improved technologies.
University officials have said STAR Park’s space has been in high demand, and they hope the acquired land and future expansion plans will address the need for research and technology office space in Central Texas.
“This action by our board of regents enables Texas State to secure additional property adjacent to STAR Park, helping ensure that we can expand our efforts to increase innovation and commercialization of technologies developed in collaborative partnerships with the private sector,” Texas State Provost Gene Bourgeois said in a news release. “This purchase will help ensure Texas State’s ability to expand its research and commercialization profile through collaboration with the private sector.”
In addition to the 20-acre acquisition, the board formulated plans to move forward with the construction of six additional labs and a 16,000-square-foot expansion at the existing facility.
The purchased property is adjacent to the existing property’s 38 acres along Hunter Road in San Marcos.
Stephen Frayser, executive director of STAR Park, said the acquisition represents the university's “clear commitment” to playing a role in technology and innovation in Central Texas.
“This is not a real estate transaction,” Frayser said. “Our return on investment is, ‘How are we creating new opportunities for research, students and faculty and assisting companies in becoming competitive by getting their products to market?’”
Frayser said full build-out is expected to take at least 20 years. When completed, STAR Park could potentially hold up to 500,000 square feet of office, engineering and laboratory space, the news release states.