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The Real Deal Los Angeles

Paramount Pictures gets greenlight for $700M expansion

City Council approved its plans after a five-year process

October 12, 2016 10:30AM

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Entrance to Paramount Pictures at 5555 Melrose Avenue (Credit: Seeing Stars)

Entrance to Paramount Pictures at 5555 Melrose Avenue (Credit: Seeing Stars)

It’s lights, camera, action for Paramount Pictures, after the City Council approved the film studio’s 25-year plan to redevelop and expand its lot on Melrose Avenue.

Under Paramount’s $700 million master plan, approximately 1.4 million square feet will be added to its Hollywood headquarters and adjacent properties owned by the company.

As part of the approval, Paramount will be making more than $7.2 million in neighborhood enhancements, 13th district Council member Mitch O’Farrell told the L.A. Times following Tuesday’s approval.

”Paramount has found a way to grow and evolve into the future with minimum impact to the surrounding neighborhood,” O’Farrell said.

During the years of environmental review and community outreach — the expansion plan was introduced in 2011 — some residents had expressed concern about possible effects on traffic and obstructed neighborhood views. [LAT]Cathaleen Chen

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