Move over, Silicon Valley. There’s a new player in the high tech game.

New York City Mayor Michael Bloomberg revealed the next phase of his Applied Sciences NYC initiative on Monday: a new, 460,000 square foot applied sciences center in downtown Brooklyn.

New York University and the Polytechnic Institute of New York will lead the project, which is estimated to pump $5.5 billion into the local economy and create 7,700 jobs in 30 years. Known as The Center for Urban Science and Progress, the campus will be built on 370 Jay Street over the next five years, transforming it into “a cutting-edge center for research and science that will give another huge boost to our city’s economy,” Bloomberg said in a statement.

“With the addition of this new campus, Brooklyn will be one of the most dynamic environments for entrepreneurs anywhere in the country,” Bloomberg added.

The Center will open its doors to its first class of students in September 2013, according to a statement from the Bloomberg administration. NYU will finance the $60 million relocation of the Metropolitan Transportation Authority and New York Police Department — which currently occupy the site — while the city has promised up to $15 million in public funds and tax breaks to offset costs.

NYU’s campus marks the second proposal chosen by the city in its applied sciences initiative. In December, Bloomberg announced that after a yearlong competition, Cornell, in partnership with The Technion - Israel Institute of Technology, beat out 17 other institutions to win the right to build a $2 billion tech campus on Roosevelt Island.

Cornell and NYU may soon have additional company. Although the city has now partnered with two schools as part of its tech campus competition, a spokesman for the NYC Economic Development Corporation said that other universities could still be chosen, according to Crain’s New York Business.

Check cornellsun.com for updates on this breaking story.