President Barack Obama and the first lady Michelle Obama have selected Chicago's historic Jackson Park as the site of his presidential library.

The choice, which leaked out before the formal announcement, elated some South Side residents but it disappointed advocates of the other finalist site, Washington Park, whose adjacent neighborhood has been pockmarked by vacant lots.

Considering more than a year of competition between the two South Side sites, the selection would put the library within blocks of the popular Museum of Science and Industry and in a park that attracted millions of visitors from around the world during the World's Columbian Exposition in 1893.

The two attractions would form a "Museum Campus South" which would be rival to the downtown Museum Campus. The center would be a short hop from either Lake Shore Drive or two Metra train stations.

For the residents of Washington Park, the news was marked as the second loss of a major project that promised an economic renaissance. The park was the centerpiece of the failed bid to host the 2016 Summer Olympics.

Martin Nesbitt, chairman of the Obama Foundation, who had been charged with building the presidential center, did not confirm or deny the Jackson Park selection.

U.S. Rep. Robin Kelly, a Democrat from south suburban Matteson said, "I think it's a benefit to the South Side of Chicago, period," Kelly added, "No matter which park it's in, it's good for the South Side and uplifting to have a presidential library there."

Mattie Butler, executive director of the Woodlawn East Community and Neighbors group said, "Residents need to buckle down and figure out how to stay here,".

Also Read: Ohio Big basket building to be sold!

By Prakriti Neogi