First founded in 1853 by New York lawyer Paul Cornell, who named the community after the famous London park, Hyde Park was incorporated in 1861 and in 1889 the village was annexed to the City of Chicago. At the time of annexation, Hyde Park was extremely large in size, extending from 39th to 138th Streets. Today the area stretches from Lake Michigan to Cottage Grove Avenue and 47th to 59th Streets. The 1890s was a time of great growth for Hyde Park. The construction of the 1893 World's Columbian Exposition in Jackson Park had a profound and lasting effect not only on Hyde Park and the city, but on the entire country. The famous University of Chicago was founded in 1890 and was under construction simultaneously with the World's Columbian Exposition. The area grew, attracting additional businesses, people, and an expanding economy to the area.