The first punk club, CBGB & omfug, which been the birthblace for the American punk scene in 1975 with bands like The Ramones, Blondie, Patti Smith Group etc will become a music festival.
Since the death of the founder Hilly Kristal in Lung Cancer in 2007, Fashion designer John Varvatos run the place for a while, mostly as a clothing store with the interior intact. But CBGBs was i reallity shut down in 2006 because a rent dispute.
However, a place that seen the birth of genres as punk roch, hard core etc is such a strong brand that it is now going to be used for a rock festival held around in New York City, at places as Central park, Lower East Side and Williamsburg. It is said to be a way to support live music, not to be about nostalgia.