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Here’s what President Obama has to say about the future presidential library in Jackson Park

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The Obama Foundation has formally announced that the $500M project is heading to Jackson Park

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This afternoon, the Obama Foundation issued a statement confirming that the future future Obama Presidential Center will indeed be built in Jackson Park. And with all speculations and rumors regarding the location of the out the way, the President himself released a comment on the project and what it will mean for the Woodlawn community.

Michelle and I are thrilled that the Obama Presidential Center will be developed in the heart of Chicago’s South Side, a community we call home and that means the world to us. With a center in Jackson Park, not only will we be able to affect local change, but we can attract the world to this historic neighborhood, whose rich cultural heritage dates back to the 1893 World’s Fair. We are proud that the center will help spur development in an urban area and we can’t wait to forge new ways to give back to the people of Chicago who have given us so much.

Earlier this week, the Chicago Tribune and the Chicago Sun-Times reported that sources close to the Obamas confirmed that the library, museum, and Obama Foundation offices would be built in Jackson Park. According to Obama Foundation chair Marty Nesbitt, the project’s location will is expected to have a meaningful impact on the community surrounding it.

"The President and First Lady believe that locating the Presidential Center at Jackson Park will have the greatest long-term impact on the combined communities," Nesbitt said in the release. "With its aesthetics, iconic location, historical relevance from the World’s Fair, we believe Jackson Park will attract visitors on a national and global level that will bring significant long-term benefits to the South Side."

With a location less than 10 miles from The Loop, the Obama Presidential Center will become the first presidential library to be built in the heart of an urban environment.