US President Barack Obama has announced that the presidential library – a monument to his legacy as the nation’s first black President – will be built in Chicago, Illinois.

The presidential library – a repository for preserving and making available the papers, records, collections and other historical materials of every President of the US since Herbert Hoover in 1929 – will be developed in partnership with the University of Chicago and is scheduled to open by 2020 or 2021.

The university beat bids from the University of Illinois at Chicago, as well as Columbia University in New York, and the University of Hawaii in the President’s home state. No architects have been chosen for the project as-of-yet, although several high-profile names including Renzo Piano, Jeanne Gang and Ralph Johnson have been mentioned for the development, which will be built on Chicago’s southside.

The decision was likely boosted by a decision at the end of April by state lawmakers to clear a path for the library. A bill was passed to counter a lawsuit filed by Friends of the Parks – the campaign group attempting to halt development of George Lucas’ museum project and the presidential library – clarifying that the city has the right to build the facilities on parkland, including "formerly submerged land”.

In a statement, the Obama Foundation said it was still undecided on the exact location, with a further announcement expected in the next six-to-nine months. Two parks near the University of Chicago’s campus are under consideration: Washington Park and Hyde Park; and Jackson Park. The library will take up around 80,000sq m (871,000sq ft) of the 300-plus acre (1.2km) spaces. The improvements around the library at these parks will include enhanced access for pedestrians and cyclists, renovation or replacement of ageing facilities, and other attractions such as urban farms.

A 2014 study by the University of Chicago said the library would draw 800,000 visitors a year, creating 1,900 permanent jobs and generating US$220m (€196m, £140m) in annual revenue.

“The design of the Obama library should maximise the use of available vacant land and underground space and be truly ‘park positive’ by adding parkland to the surrounding community,” said a statement from Friends of the Parks. “Furthermore, any design should upgrade the park’s facilities and preserve existing recreational uses by the public.”