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The History Of The Rock And Roll Hall Of Fame (cont.)

"My only regret was that we didn't start a Rock and Roll Hall of Fame sooner," Stein says. "We were having so much fun in the music business it didn't occur to us to have one sooner. We don't tend to realize the value and importance of rock'n'roll. Music is the thing that unites us around the world, and so much of it is American and rock'n'roll."

As annual induction dinners continued, the idea of a physical museum to enshrine the history of rock'n'roll gained momentum.

"Our goal was to build a museum, but in the beginning we envisioned buying a brownstone in New York City and filling it with memorabilia," Evans reveals.

But interest in the Rock and Roll Hall of Fame Museum quickly grew to such an extent that the foundation received offers to fund and house it from several cities, including Philadelphia, Los Angeles, Chicago, Memphis, New York, Atlanta, New Orleans and San Francisco.

In the end, Cleveland -- home to pioneering rock DJ Alan Freed, who is credited for coining the term "rock'n'roll" -- landed the museum.

Initially, the foundation considered renovating an existing building for $20 million to $30 million. But ultimately, in large part because of Cleveland's enthusiasm and financial support, plans took shape for a new building to house the Rock and Roll Hall of Fame and Museum.

Designed by noted architect I.M. Pei, the museum is a striking, 150,000-square-foot structure, anchored by a 162-foot tower. "I.M. Pei was our first choice as the architect," Ertegun notes. "When I asked him to do it, I said to him, 'Be sure to tell your children about this offer before you turn it down.' And of course, his children said that he had to do it. He gave us what is probably one of the greatest achievements of his career."

Builders broke ground for the museum in 1993. A star-studded concert televised on HBO marked its opening in 1995.

Wenner says, "The biggest challenge was getting it right, because we were starting something new. We took our time, because we wanted to get it right. We wanted a balance of making it serious with a historical purpose as well as [making] it popular and attractive to visitors."

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