NEW YORK, Sept. 26, 2012 (GLOBE NEWSWIRE) -- The Hip Hop Hall of Fame is moving forward with the acquisition of a Midtown Manhattan building for its Museum headquarters.
The Developers are set to increase the Private Equity and Investors package to $60M that will also include the rehabilitation construction of the building to accommodate the Museum, Restaurant, Retail Gift Shop, Arcade, Concert Lounge and Broadcast Studios. The Museum will serve over 650,000 visitors and tourists from around the world annually, and even more with its live event & student educational programming, and broadcasts. The socio-economic impact of the project in New York City is expected to generate $350M annually, and provide 200+ jobs and job training.
The new financing package will enable the Hip Hop Hall of Fame to move forward without having to seek any other source of funding for the completion of the project slated to begin in early 2013, stated J.T. Thompson, the Museum Creator and Executive Producer of the Hip Hop Hall of Fame Awards TV Show that aired on the BET Cable Network in the 90s and is set to return later this year. The Hip Hop Hall of Fame will put in place an investor exit strategy that includes a consolidation of all Museum assets, secured Real Estate, and an Endowment fund.
This also coincides the closing of the Hip Hop Hall of Fame Museum's $100M Official Category Sponsorship and Advertising Agency RFP. 'The goal is to give all of the Official Sponsors and Naming Rights Advertisers the opportunity as 'Founding Partners' to have input into how their brands and products can be fully integrated into the fabric of the Hip Hop Hall of Fame Museum's Exhibits, Floors, Marquee, Staging, Bars, Concert Lounge, POS, Retail operations, and in all Co-Branded Entertainment & Multi-Media Divisions that include Televised Award Shows, Official Websites, Magazine, and Merchandising', stated Bobby Fisher in Business Development. For more information on participation or sponsorships contact Alexia Martinique, or Bobby Fisher. Follow us at http://hiphophall.org, http://facebook.com/hiphophalloffame, http://twitter.com/hiphophof, and http://facebook.com/hiphophalloffameawards.
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