Paramount Pictures Proposes $700 Million Upgrade

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.