A new national memorial to honor the late Queen Elizabeth II has found its future home.

The British government said Saturday the memorial will be placed in London's St. James' Park, which holds "historical and constitutional significance and personal connection to the late monarch.

"The memorial is intended to provide not only a fitting monument but also a space for contemplation and community and will be an appropriate scale and ambition to match the impact of Queen Elizabeth II on national life, The Commonwealth and indeed the rest of the world," the government said in a statement.

The site for the memorial is close to the ceremonial route of The Mall and to Buckingham Palace, the home of her son King Charles III. It is also near statues of the late monarch's parents, King George VI and Queen Elizabeth, The Queen Mother.

The location also means that tourists visiting Buckingham Palace will only have a short walk to see the monument commemorating Britain's longest-reigning monarch.

Prime Minister Keir Starmer said the queen's "enduring legacy of service and devotion to our country will never be forgotten.

"The national memorial will be located in St James's Park, right in the heart of the capital, providing everyone with a place to honor the Late Queen and connect with the shared history we cherish," he added.

The memorial is expected to take the form of a statue or sculpture, though the final design is expected to be revealed by the centenary of Elizabeth's birth in 2026, CBS News partner BBC reported.

There will be other memorial projects in Scotland, Wales and Northern Ireland.

Sunday marks the two-year anniversary of the death of Elizabeth, who spent a record 70 years and 214 days on the throne. She is interred in the King George VI Memorial Chapel, which is in the larger St. George's Chapel in Windsor.

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