Queen Elizabeth II memorial site has been revealed. It will be walking distance from Buckingham Palace

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.