Even as President Obama prepares to pass the torch to Hillary Clinton at the Democratic National Convention Wednesday night, he and Michelle Obama have finalized one aspect of their post-White House life: the future Obama presidential library site.

The couple, according to a person familiar with the decision who asked for anonymity because it is not yet public, has selected Jackson Park on Chicago's South Side. University of Chicago officials had suggested either Jackson Park or Washington Park, both of which are historic areas designed by Frederick Law Olmstead and Calvert Vaux.

Officials at the Obama Foundation, which is overseeing the design and construction of the library, declined to comment on the decision. A formal announcement will come out in the next several days, the person added.

City officials are hoping the library, which will not open for several years, will spur revitalization in a region that remains beset by poverty and gun violence. While Jackson Park, just east of the University of Chicago campus, faces economic challenges, it is not as impoverished as Washington Park and lies closer to a neighborhood in economic transition.

In June the Obama Foundation announced that Tod Williams Billie Tsien Architects will design the library, museum and office space.