Paramount Pictures announced plans Tuesday for a $700 million upgrade at its Hollywood studio.
As part of the project, Paramount would build five new, 20,000-plus square-foot soundstages and tear down four old, 5,000-square-foot soundstages. Other upgrades include new post production facilities and a Leadership in Energy and Environmental Design (LEED)-certified headquarters building.
The 25-year plan, dubbed the Hollywood Project, is expected to generate 7,300 jobs during the construction phase and $3.1 billion in economic output annually.
Before construction gets underway, Paramount has to file paperwork with the city of Los Angeles and the studio will hold multiple public hearings in the surrounding Hollywood neighborhood. At best, it will take two years before the project officially gets off the ground.
“For nearly 100 years, Paramount Pictures has made movies that are loved around the world. To continue to do that successfully, it is critical that we give our talent and staff the tools and technology they need to remain innovative in our approach to filmmaking,” Brad Grey, chairman and chief executive officer of Paramount Pictures Corporation, told Deadline.com. “As the last major studio physically located in Hollywood, this project is fundamentally about maintaining a robust and healthy entertainment industry in Los Angeles, laying the long-term foundation to preserve and grow jobs and employment in the heart of the entertainment industry, as well as ensuring that the legacy and heritage of this iconic studio are protected for future generations.”