A major high-tech development is coming to Chicago’s Goose Island neighborhood on the North Side.
President Obama will announce Tuesday that Chicago will be the home of the Digital Manufacturing and Design Innovation Institute.
The first-of-its-kind facility will be backed by $70 million in defense department money and another $250 million in private funding.
The consortium will consist of 41 companies, 23 universities and labs and other organizations.
Chicago beat out several other areas of the country in the bidding process.
The idea behind the institute is that manufacturing is being transformed by digital design and the capacity to work and create in a virtual environment.
The city envisions the institute focusing on projects such as producing a faster and cheaper next-generation aircraft engine, drastically reducing the amount of scrap material associated with small manufacturing runs and speeding the design process among far-flung suppliers.
“This is clearly, without a doubt, one of the most significant things to secure Chicago’s long-term economic future,” Mayor Rahm Emanuel said Saturday.
“It is the best insurance policy you can buy, which is major research capacity.”