Paramount Pictures is in the business of greenlighting movie projects, but it was the studio itself that got the greenlight Tuesday when the Los Angeles City Council approved Paramount’s ambitious 25-year plan to overhaul and expand its historic lot in Hollywood.
The L.A. City Council voted unanimously to approve Paramount’s master plan, paving the way for the studio to add about 1.4 million square feet of space to its iconic headquarters on Melrose Avenue. The expansion was first announced in 2011 and is expected to cost the studio $700 million.
“We think it’s great for the city and the community,” said Sharon Keyser, a senior vice president at Paramount who has overseen the presentation of the expansion to the city. She said there is no start date yet for construction because the studio has been focused on seeing the project through the approval processes.
Keyser said the project will roll out in phases over the 25-year period, based on which parts of the lot are most in need.
At the hearing Tuesday, Councilman Mitch O’Farrell, whose 13th Council District encompasses Paramount, said the plan will help “keep Hollywood in Hollywood.”
He said Paramount has committed to making more than $7.2 million in neighborhood improvements, including enhancements for sidewalks and streetscaping.
“Paramount has found a way to grow and evolve into the future with minimum impact to the surrounding neighborhood,” O’Farrell said after the hearing.
About 1.4 million square feet of development would take place over the next two decades at Paramount’s Melrose Avenue headquarters and some adjacent properties owned by the company. The internal expansion would create nearly 7,300 jobs during construction, according to proponents.
View Article