City officials and Goldwater family members made the announcement Wednesday in Mesa.
The $30 million Barry and Peggy Goldwater Library and Archives will include books, photographs and manuscripts owned by the senator as well as policy papers from other Arizona politicians.
The East Valley Tribune says the library will be constructed using private funds on land owned by Mesa.
Officials hope the library and archives will open in 2016 and draw up to 60,000 visitors annually.
Goldwater was born in Phoenix in 1909 and was in the U.S. Senate for 30 years.
He was the Republican nominee for president in 1964, but lost to Lyndon Johnson. Goldwater died in 1998.