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 $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.