The owners of CBS Television City Friday announced a $1.25 billion expansion and improvement of the historic production facility — calling it a “comprehensive framework to allow for a state-of-the-art modernization.”
Hackman Capital Partners, which operates the 25-acre facility at Beverly Boulevard and Fairfax Avenue in partnership with The MBS Group, said the planned expansion will include:
— Growing the number of sound stages to a minimum of 15, up from eight.
— New production office space and support facilities adjacent to stages.
— New production base camps, and above- and below-grade parking.
— Additional studio office space.
— Preservation of and investment in existing facilities.
— Enhanced streetscape and public realm.
Currently, the facility comprises about 750,000 square feet of stage, office and production-support space. The expansion — called “TVC 2050” — would grow that to 1,130,320 square feet, according to a release from the owners.
“Television City is one of the great Hollywood studio lots. We are committed to ensuring it remains a robust job creator and world-class studio for decades to come,” said Michael Hackman, founder and CEO of Hackman, which purchased the facility from CBS in 2019.
Demand for sound stages is on the rise, with existing stages largely booked as streaming productions expand.
“Los Angeles lacks the modern sound stages and production facilities to meet market demand, putting our region at risk of seeing the entertainment industry leave the state if we fail to invest in its future,” Hackman added.
Said Bill Allen, chief executive officer of the Los Angeles County Economic Development Corporation: “To remain globally competitive, Los Angeles needs more state-of-the-art sound stages and production space. Now is the time for a fully realized Television City, as the entertainment industry and the city continue to recover from the COVID-19 pandemic.
“TVC 2050 will bolster our local economy, generate thousands of good jobs, and create new opportunities for countless Angelenos.”
According to the release, a study conducted by LAEDC determined the expansion will result in $2.1 billion in total economic output during construction, sustaining an estimated annual average of 4,220 direct, indirect, and induced jobs throughout construction.
Upon completion, TVC 2050 will generate $2.4 billion annually in new economic output and support an estimated 18,760 direct, indirect, and induced jobs once operational, the study found.
The Los Angeles Times reported that Hackman Capital Partners will apply Friday for city approval to redevelop the site.
The owners told the Times that construction could be completed in about two years once the city approves the proposed expansion. Approval could take 18 months.
At the time of the 2019 sale, the Television City site — opened in 1952 — was seen as a possible location for new housing as well as hotels, shopping and offices.
Instead, the site’s future now calls for the entertainment expansions.
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