Radford Studio will undergo a $1 billion renovation to upgrade facilities, enhance sustainability and preservation and add multi-modal transportation infrastructure, the Studio City facility announced Monday.

The studio, which opened in 1928, is home to dozens of productions each year, along with CBS News’ Los Angeles bureau, KCAL9 News and “Entertainment Tonight.”

“This studio means so much to our community, not just as an important hub of content creation but as an economic engine for so many shops and restaurants on Ventura Boulevard and around Studio City,” Michael Klausman, president of Radford Studio Center, said in a statement. “We must ensure Radford remains a robust job creator and world-class production facility for decades to come.”

Shows that have been produced at Radford Studio include “Seinfeld,” “That 70’s Show,” “Will & Grace,” “Gilligan’s Island” and “The Mary Tyler Moore Show.”

Studio officials said the plan will bring the studio into the 21st century and is important given a shortage of studio space in Los Angeles.

“Parts of the studio are severely outdated,” Klausman said. “What we’re doing is keeping the facilities that are up to date and replacing obsolete spaces with the modern sound stages and production facilities that today’s content creators demand.”

The renovations include building capacity for up to 25 modern sound stages, office space and enhanced pedestrian experiences.

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