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A new selective enrollment high school named after President Barack Obama will be built near the former site of the Cabrini-Green public housing complex, Mayor Rahm Emanuel announced Thursday.

Barack Obama College Preparatory High School will be built near the intersection of Division and Halsted streets.

It will open in the fall of 2017 with an inaugural freshman class of nearly 300 students, and will add subsequent grade levels each year following, according to a news release.

The school will ultimately enroll 1,200 students.

The school project will be funded through approximately $60 million in TIF funds.