University of Florida officials announced plans Monday to transform the neighborhood around the old Shands at AGH site, creating a breeding ground for high-tech companies along with places for their workers to live, eat and shop.

Called Innovation Square, the development is planned to include more than 1 million square feet of building space on 40 acres around SW Second Avenue. It includes the Florida Innovation Hub, a business incubator on the former AGH hospital site that is intended to promote the development of companies based on UF research.

"The 20th century was a time when that property gave birth to babies," UF President Bernie Machen said. "The 21st century is going to be where that property gives birth to companies."

The 10-year-project extends beyond the hub, which is expected to open next fall, to include office space for businesses developed there to move when they expand. Officials said the development could mean 3,000 jobs in growing industries such as health care and green energy.

"This project is about the 21st century approach to economic development in Florida," Machen said.

The development includes property owned by UF and private interests, and officials said details still must be worked out about the exact locations of various components and how they would be built. They emphasized that the project would be a public-private partnership.

"This is not a UF development. It is not the UF campus, and these are not UF buildings," said Brian Beach, senior vice president for administration and business ventures. "It will predominantly be on the tax rolls."