Obama chooses Jackson Park for presidential library

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CHICAGO -- President Barack Obama has chosen Chicago's Jackson Park as the site for his presidential library.

A source told the Chicago Tribune on Wednesday the president and first lady Michelle Obama have selected the historic park near the University of Chicago as the site for the Obama Presidential Center.

A formal announcement is expected next week, according to the Tribune.

Washington Park was a finalist to land the upcoming library.

The Jackson Park site is surrounded by a lagoon and woods, and is close to Lake Shore Drive and two Metra train stations, the Tribune notes.

The park spans 543 acres, with the presidential library expected to be located in the heart of it.