Since closing in 2006, CBGB has been a distant memory for fans of bands that got their start there in the 70’s and 80’s. The New York Times is now reporting that a group of investors have bought the intellectual property and physical assets of the club with the intentions of creating a music festival this summer, and reopening the club in a new location shortly after.
One of the investors, Tim Hayes said,
We’re never going to recreate that moment in time. We’re trying to continue the idea of supporting live music, making a lot of noise and being a part of New York City. The festival is one way we can do it. Eventually the club will be another way we can do it.
CBGB was a a punk-rock palace in its golden days, and is credited for breeding acts like The Talking Heads, The Ramones, The Jam, Blondie, Sonic Youth and Patti Smith.
The 4-day festival will kick off on July 5th, and will showcase over 300 bands including Cloud Nothings, Sick of It All, The Pains of Being Pure at Heart and Guided By Voices. Unlike your typical festival setting, the concerts will mainly take place inside of existing bars and music halls.
The investors have hopes to reopen the club to focus on new music in the spirit of the original CBGB.
Whether the new investors can successfully resurrect the legendary club as well as pull off an already impressive sounding music festival in the heart of New York City will be a festival in itself to watch.