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Hip Hop Hall of Fame's Harlem home is closer to becoming a reality

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The development project needs $150 million in capital funding to secure a site along 125th Street

It looks like the proposed Hip Hop Hall of Fame could be setting up for a future home in Harlem. According to a recent press release, the nonprofit behind the museum has won a bid to acquire a “major Harlem building and development site” along 125th Street, though that exact location has yet to be revealed (h/t DNAinfo).

Via Hip Hop Hall of Fame

The Hip Hop Hall of Fame, conceptualized by J.T. Thompson, the first producer of the Hip Hop Hall of Fame Awards Induction Ceremony & Concert on the BET Cable Network, is planning to create a tower that could rise as tall as 20 feet and offer everything from a hotel and concert lounge to a multimedia studio, cafe, and offices in addition to the actual museum.

But in order to make any of this a reality, the project will need to raise $150 million in its soon-to-be launched capital fundraising campaign to complete the acquisition of the Harlem site. The project is hoping to raise money through both public and private funds, if possible.

If the project manages to successfully raise the hefty amount of funds, the development team hope that the museum debut in phases, beginning in February 2018. The vision is to create a center that will mirror the significance of Cleveland’s Rock & Roll Hall of Fame and is estimated to produce hundreds of employment opportunities and attract 1 million visitors annually, resulting in as much as $350 million in revenue.