Obama Foundation To Move Offices To Hyde Park

CHICAGO (CBS) -- It might be four or five years until the Obama Presidential Library is built on the South Side, but to oversee the project, the Barack Obama Foundation will be moving its offices from downtown to Hyde Park.

On Friday, the foundation will move into Harper Court, an office and retail complex owned by the University of Chicago, at the corner of 53rd and Harper.

Since the foundation was created two years ago, its staff has worked at the offices of chairman Martin Nesbitt's private equity firm, Vistria Group, at the Blue Cross Blue Shield Tower at 300 E. Randolph St.

Although the foundation's new offices are located only a few blocks from the his Chicago home, President Obama already has said his family plans to stay in Washington after he leaves the White House next year.

The Obama Foundation is overseeing planning and construction of the Barack Obama Presidential Center, the library and museum to be located on the South Side. The foundation is still choosing between two potential sites, in either Jackson or Washington parks.

Nesbitt has acknowledged a decision on where the library will be located might not come until June.

The foundation has chosen seven architectural firms to come up with designs for the library: Adjaye Associates of London, Diller Scofidio + Renfro of New York City, John Ronan Architects of Chicago, Renzo Piano Building Workshop, Genova, Italy, SHoP Architects in New York City, Snøhetta in New York City and Tod Williams Billie Tsien Architects in New York City.

Officials have said the library center likely will open in 2020 or 2021, at a cost of more than $500 million, funded by private donations to the Obama Foundation.