A rendering of the Hip Hop Hall of Fame Museum on 125th Street. View Full Caption Hip Hop Hall of Fame Museum

HARLEM — More than 40 years ago, what we now as hip-hop came to life at a birthday party in The Bronx.

So it’s only fitting that the city that birthed such giants of the genre — including Jay Z, Run-D.M.C., Nas, Kurtis Blow, The Notorious B.I.G., Wu-Tang Clan and Doug E. Fresh, among many others — will be home to the Hip Hop Hall of Fame Museum.

The nonprofit spearheading the project announced Tuesday that it had won a bid to place the physical museum on 125th Street, with the goal of preserving, archiving and showcasing hip-hop music and culture.

The organization now plans to raise $150 million for the project, with the hope of getting the first phase open by February 2018.

The group did not specify its planned location, but said the vision for the complex would be similar to the Rock & Roll Hall of Fame in Cleveland. The center could rise 20 stories and be packed with hip-hop exhibits, along with a hotel, retail and gift shops, an arcade, restaurant and concert lounge, among other amenities.

The organization claims the museum could bring in roughly 1 million visitors a year and generate $350 million in economic activity, as well as “hundreds” of jobs, the release said.