Paramount Embarking on $700 Million Makeover of Its Hollywood Studio
Paramount Pictures is planning a $700 million upgrade of its Hollywood headquarters, which cover 62 acres, the company said Tuesday.
The studio, which has been based in its current location since 1926, is filing applications with the city of Los Angeles for what it is dubbing the Hollywood Project, a 25-year plan to improve its existing studio lot and adjacent properties.
Most of the development will take place at the studio’s main 56-acre lot at 5555 Melrose Ave., which was created when Paramount bought the former RKO Studios from Desilu Productions in 1967. Portions of the lot along Melrose and limited areas within the main production area are being targeted for development, although the studio said it will maintain many of the historic structures while modernizing them. The plan also involves six properties in Hollywood adjacent to the studio.
As it begins the approvals process and environmental reviews, Paramount said it will reach out to the local community to offer information and answer questions about the project over the next several months. It said that the capital improvements will create nearly 7,300 jobs during construction and 12,600 jobs during operations, with the project pegged to generate $3.1 billion in economic output annually.
“As the last major studio physically located in Hollywood, this project is fundamentally about maintaining a robust and healthy entertainment industry in Los Angeles, laying the long-term foundation to preserve and grow jobs and employment in the heart of the entertainment industry, as well as ensuring that the legacy and heritage of this iconic studio are protected for future generations,” Paramount chairman and CEO Brad Grey said.