NEW YORK (CNN) -- A former hipster hangout may be coming back to life.

The New York Times reports that investors have bought the assets to legendary punk rock club CBGB. They aim to hold a CBGB Festival in July, to include hundreds of bands. And after that, they may look for a spot to reopen the club.

In its heyday, CBGB was rocked by bands like the Ramones, Blondie, Sonic Youth and the Talking Heads. The original spot was in the Bowery, a perfect setting for the burgeoning punk scene of the late 70s.

It shut its doors in 2006.

The new investors say they are not trying to "recreate that moment" but are aiming to support live music in the city.