The watch party will take place at the Midway Plaisance.
"This is an historic day for Chicago's South Side as we welcome the world into our neighborhood," said Valerie Jarrett, CEO of The Obama Foundation. "We are excited to share this celebration with our extraordinary community and city who are such an integral part of President and Mrs. Obama's story, and where they will always call home."
Entry to the watch party will open at 9 a.m. with a live DJ and pre-ceremony activities.
The opening ceremony will begin at 11 a.m. on June 18. Museum tickets for the opening weekend are sold out.
Those interested in attending the watch party can fill out a request form for up to four tickets by May 26 at Obama.org/grandopening. Space for the watch party is limited.