Jay-Z has reportedly invested in a real estate development venture called J Hotels which recently acquired a $66 million mid-block parcel in Chelsea, New York.

According to The New York Post, Jay-Z and his partners are considering on constructing a high-end hotel or an art gallery building on the newly acquired site which has the potential to go up about 12 stories.

Hov’s partners include Abram Shnay, a local developer, his son, Scott, and Charles Blaichman.

The Shnays and Blaichman’s past projects include the Urban Glass House in TriBeCa.

“It's a great piece of property adjacent to the High Line in a great neighborhood,” Scott Shnay told The New York Post about the $66 million mid-block parcel.

This year Jay-Z has been involved in various major business deals including selling his Rocawear clothing line to the Iconix Brand Group Inc for $204 million in cash, a partnership with Coca Cola and General Motors, and acquiring the Artful Dodger clothing line for Your browser does not support inline frames or is currently configured not to display inline frames. /sixshot.com/articles/8597/">$15 million in cash.

The Brooklyn bred rapper, who also serves as Def Jam's president, will also be opening his 40/40 franchise in Las Vegas on December 30th.