LOS ANGELES (CBS) — A major Hollywood studios is looking at a $700 million facelift.

Paramount Pictures wants to build new sound stages and offices at its historic Melrose Avenue lot.

Construction would involve more than one million square feet of development. The project would be stretched out over the next 25 years.

Studio executives say the project will create about 7,000 jobs.

The studio must first apply to the city of Los Angeles for approval, which could take two years.

Paramount has occupied the lot since 1926.

Comments (2)
  1. Pamela says:

    Will they let New York street burn again to rebuild? Watch out production companies you will be billed for their improvements every time you shoot something on their lot. Wow 25 nonstop years of billing everyone in town for their costs….

    1. ALG says:

      I agree with you Pamela. I think. Are you referring to LOS ANGELES or NEW YORK.
      or BOTH.
      What’s wrong with Los Angeles is a mentality to make money. I guess we need it to pay those high salaries, health care plans, pensions on top of pensions, etc.
      I challenge the city council of Los Angeles to make it 30 days to process all the paperwork and numerous fees so that those that need jobs NOW.
      If the city does lower time and fees to establish jobs, I guarantee that other companies will join in.

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