Gigabit Squared, a company looking to provide a gigabit of broadband to college campuses, has chosen the University of Chicago as its first college. The plan, which is part of the Gigabit Neighborhood Gateway Program, will shell out $5 million while Illinois and the University of Chicago will contribute an additional $3 million. The project isn’t just targeted towards college students but will include residents in close proximity to the university. [Source GigaOm]