CHICAGO, Jan. 5 (Xinhua) -- The Obama Foundation announced Friday that a joint venture called Lakeside Alliance has been chosen as the construction manager for the Obama Presidential Center.

The decision came after four months when the Obama Foundation selected four finalists and set standards for local and minority hiring.

Lakeside Alliance is a collective of five construction firms, and most of the firms are owned by local African Americans.

"The Obama Foundation believes in creating opportunities for diverse and local businesses and building pathways to meaningful jobs for minorities and other underrepresented populations," said

David Simas, CEO of the Obama Foundation.

Simas said in the statement that "We look forward to working with Lakeside Alliance to achieve our goals, set new benchmarks and make the Obama Presidential Center a landmark that our neighbors can be proud of."

The foundation didn't reveal how much the contract is worth. But a preliminary bidding document for the construction manager's contract said the construction cost of the Obama center was around 300 million U.S. dollars.

The Obama Presidential Center includes three buildings, a museum, a forum and the presidential library, along with a sprawling public plaza.

According to Obama Foundation, the three buildings could encompass 200,000 to 225,000 square feet (18,500 to 23,200 square meters). That would be nearly the same size as the George W. Bush Presidential Center in Dallas. The center is set to open in 2021.