Paramount Plans $700 Million Makeover Of Hollywood Lot

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.

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