SAN DIEGO (CBS 8) - Local leaders and community members came together in the East Village Wednesday to open the doors of a new facility designed to foster innovation in San Diego.

The new Fab Lab is located in an old warehouse on 14th Street. It's filled with the latest technology and tools, like laser cutters and 3D printers. Local entrepreneurs, inventors and small businesses can use the facility to turn their ideas into reality.

San Diego Mayor Kevin Faulconer says the ideas that come to life at Fab Lab have the potential to give a big boost to San Diego's economy.

"As we start great new companies that become larger companies, as we attract talent from all over the country, people want to be here," Faulconer said.

At Wednesday's event, Mayor Faulconer was presented with a 3D printed bust of his head that was made at the Fab Lab.