Shiv Sangram party chief Vinayak Mete who was in the city to attend a function told reporters here that the memorial would be constructed in the Arabian Sea.
He said that his party would take to the streets and agitate if the BJP-led Maharashtra government failed to decide on reservations to Marathas and Muslims within a week.
He also said that if the Maharashtra government kept quiet about the High Court's decision on reservations, then the Shiv Sangram party would approach the Supreme Court with its petition.
He also announced formation of a new political party called the Shiv Sangram Parishad, since the Shiv Sangram as an organisation found it difficult to contest elections.