AUSTIN, Texas (WTVO) — Tesla and SpaceX CEO Elon Musk is planning to build his own town in Texas for his employees to live and work, according to a new Wall Street Journal report.

Musk has described his vision of the town as a "Texas utopia along the Colorado River," according to the outlet.

Musk, together with an executive from his tunneling venture Boring Co., have reportedly researched incorporating the proposed town, to potentially be called Snailbrook after the Boring Co.'s mascot.

The town would be built on land in Bastrop County adjacent to Boring and SpaceX facilities that are currently under construction.

Steve Davis, Boring's president, said Musk eventually hopes to create an entire city.

Over the last three years, Musk's companies have purchased 3,500 acres in the Austin area, the Journal reported. Nexstar's KXAN and KXAN’s media partners at the Austin Business Journal previously learned of a partnership between Musk’s team and Lennar Corp. — one of the nation’s largest homebuilders — to build a subdivision in the area for Musk’s workforce.

The Journal now reports that an entity called Gapped Bass LLC, of which Davis serves as president, has specifically purchased more than 200 acres in Bastrop County, with paperwork filed to build 110 homes. Street names have been approved by Bastrop County officials with names like "Boring Boulevard," "Waterjet Way," and "Cutterhead Crossing."

Boring employees can apply for a home with rent starting at $800, per the report, with the understanding that they must vacate the home within 30 days if they leave the company or are fired.

Musk himself relocated his home from California to Texas in 2021, calling California the land of "overregulation, overlitigation, overtaxation." But, last month, Tesla said its engineering headquarters would be located in Palto Alto, although its corporate headquarters remains in Texas.

Tesla has also built a Gigafactory in Travis County, outside of Austin.

KXAN's Abigail Jones contributed to this report.