Yesterday, it was confirmed that Sick Of It All, Vision Of Disorder, Cro-Mags and more were taking part of the CBGB Festival. And now an article in the New York Times not only reveals more details about the festival, but also confirms that new owners are eyeing to re-open the legendary CBGB.

According to the Times, there are at least six new investors/owners of CBGB, which closed back in 2006 and has since gone through loads of financial problems. The plan is to eventually the club in Lower Manhattan, with the exact location and building still being searched for. Tim Hayes, one of the investors, had the following to say in the New York Times’ story:

“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.”

As for the four day festival, it will supposedly follow a similar model as South By Southwest and the CMJ Festival, with shows and special events taking place in venues all over NYC. In addition to the hardcore show at Webster Hall, there will reportedly be a free concert in Central Park with Guided by Voices, the Pains of Being Pure at Heart and Cloud Nothings. Veteran rockers like The New York Dolls’ David Johansen and the Baseball Project (featuring  Peter Buck of R.E.M. and Steve Wynn of Dream Syndicate) have also reportedly signed on for other shows.

Of course, there are still many who feel that CBGB cannot move on without its founder Hilly Kristal, who passed away from cancer in 2007 (a year after closing the original CBGB location). However, Kristal’s daughter Lisa Kristal Burgman (who after many legal disputes regained the CBGB estate in 2010) is confident in the new owners. “What was important was to make sure that whoever bought it understood what CBGB was about, and Tim did from the get-go,” Burgman told the New York Times.

Whether you believe that the new CBGB can live up to its past legacy or not, it definitely has brand advantage. Plus, the CBGB Festival has lots of potential to be pretty spectacular. More information about the festival, including bands and venues, can be found over at its new website.