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The Massachusetts Institute of Technology (MIT) is planning a new college focused on computer sciences and artificial intelligence (AI), scheduled to open in the fall of 2019. The $1 billion initiative will include a new building on the Cambridge, Massachusetts, campus and is designed to “help position the United States to lead the world in preparing for the rapid evolution of computing and AI,” according to an MIT press release.

The new MIT Stephen A. Schwarzman College of Computing, will be funded in part by a $350 million foundational gift from Mr. Schwarzman, the chairman, CEO and co-founder of Blackstone, a leading global asset manager.

“As computing reshapes our world, MIT intends to help make sure it does so for the good of all,” MIT President L. Rafael Reif said in the release. “In keeping with the scope of this challenge, we are reshaping MIT. The MIT Schwarzman College of Computing will constitute both a global center for computing research and education, and an intellectual foundry for powerful new AI tools. Just as important, the College will equip students and researchers in any discipline to use computing and AI to advance their disciplines and vice-versa, as well as to think critically about the human impact of their work.”

While students will be able to enroll in the college starting next fall, the building will not be completed until 2022.The new building will be the most significant structural change to the MIT campus since the early 1950s, when the schools for management and for the humanities and social sciences were established.