Paramount Unwraps Its Hollywood Project: $700M, 25-Year Makeover For Studio, Offices

(September 20, 2011) – Paramount Pictures Corporation today announced that it is filing applications with the City of Los Angeles for the Hollywood Project, the studio’s long-term plan to preserve its rich 100-year history in Hollywood and invest in its storied 62-acre property. The 25-year plan, which outlines proposed enhancements to the studio’s properties, will provide Paramount with the flexibility to modernize and further upgrade the studio’s state-of-the-art soundstages and high-tech film and television production facilities. These facilities are located on the studio’s 56-acre lot and six studio adjacent properties located in Hollywood. In total, over its duration, the Project represents a potential $700 million investment in Los Angeles and is anticipated to generate $3.1 billion in economic output annually. Projected capital improvements are expected to create nearly 7,300 jobs during construction and 12,600 jobs during operations. (more…)

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