The mayor says the site is perfect for businesses because it's close to expressways, public transportation and McCormick place. Daley has appointed an advisory panel to determine if the idea is feasible and he expects recommendations in a few months.
The mayor says updating the city's technology base is crucial to its future.
"It's vital to our universities, to future employment, vital for attracting companies. They always have a continuing work force from a basic level to a high level," Daley said.
The mayor's office says last year high tech contributed $56 billion to the city's economy.