President Obama has chosen historic Jackson Park on Chicago’s South Side as the site of his future presidential library and museum, the Chicago Tribune and the Associated Press write. The news outlets cited unnamed sources in reporting the selection, which is slated to be formally announced next week.

Jackson Park is located between the Lake Michigan waterfront and the University of Chicago, where Mr. Obama taught constitutional law before embarking on his political career, and hosted the 1893 World’s Columbian Exposition. It won out over nearby Washington Park, the other site put forth last year by the University of Chicago when it won a bid competition to host the Obama Presidential Center.

The $500 million library is expected to bring jobs and tourist dollars to South Side neighborhoods that have struggled with high unemployment and gang violence, although some locals expressed concern that it would accelerate gentrification. The Barack Obama Foundation, which will oversee construction, aims to start fundraising for the project in earnest next year after Mr. Obama leaves office, with the center scheduled to open in 2021.