Washington (CNN) President Barack Obama's presidential library will be located in Chicago, the Barack Obama Foundation officially announced Tuesday.

The University of Chicago beat out its competitors, the University of Illinois at Chicago, Columbia University and the University of Hawaii, which also touted their ties to Obama and vied for the opportunity to host his presidential center.

CNN reported last month that Obama notified Mayor Rahm Emanuel and Illinois lawmakers of his decision to pick Chicago's South Side as the anchor to his presidential legacy.

Obama's birthplace, the city of Honolulu in Hawaii, was also a finalist to host the center, but Chicago had long been the favorite.

"All the strands of my life came together and I really became a man when I moved to Chicago," Obama said in a video the Foundation posted Tuesday morning.

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