SpaceX to build rocket on Terminal Island

TERMINAL ISLAND, LOS ANGELES -- It's official, a rocket ship will be built on Terminal Island.

The Board of Harbor Commissioners approved a 30-year lease with SpaceX.

The company will use the 19-acre former Southwest Marine Shipyard to build its Big Falcon Rocket (BFR).

BFR will stand 350 feet and weigh 4,400 tons, so large it must be moved by water.

SpaceX will construct an 80,000-square-foot hangar and employ more than 700 SpaceX engineers and technical workers on site.