A $700 million plan to expand and renovate Paramount Pictures studio lot in Hollywood over the next 25 years was approved by the Los Angeles City Council Tuesday.
The plan for new production offices, sound stages and other facilities at the Melrose Avenue studio would add about 1.4 million square feet to the 60-acre site.
Sharon Keyser, a Paramount senior vice president, told the City Council that the plan “preserves our rich history at Paramount Pictures, while allowing us to modernize our facilities for the future.”
Councilman Mitch O’Farrell, whose district includes the studio, called the plan a “very exciting milestone” that will benefit “the longest operating and only remaining major studio in Hollywood” and retain film and television industry jobs.
“Improvements outlined in the specific plan will enable Paramount to remain competitive and keep Hollywood in Hollywood,” O’Farrell said.
—City News Service