Paramount Pictures gets greenlight for $700M expansion

Los Angeles /
Oct.October 12, 2016 10:30 AM

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


Related Articles

arrow_forward_ios
Grubb Properties CEO Clay Grubb along with 1200-1218 North Vine Street and 6245-6247 West Lexington Avenue (Grubb Properties, Getty Images, LoopNet, Google Maps)
Grubb Properties enters Hollywood multifamily market
Grubb Properties enters Hollywood multifamily market
Bardas Investment Group's David Simon with 6311 Romaine Street
Hollywood’s Television Center readies for $600M makeover
Hollywood’s Television Center readies for $600M makeover
A photo illustration of A.J. Khair principal Demetri Samaha along with renderings of 1919 North Wilcox Avenue (A.J. Khair, GA Engineering, Inc., Getty Images)
A.J. Khair to add 65 apartments to Hollywood inventory
A.J. Khair to add 65 apartments to Hollywood inventory
Mike Sullivan and rendering for 6000 W. Hollywood Blvd (The Sullivan Family, Getty Images)
Toyota of Hollywood could turn into a retail village
Toyota of Hollywood could turn into a retail village
Philip Lawrence and Thomas St John and the three parcels on the corner of Sunset Boulevard and Highland Avenue in LA (Google Maps, Getty, CMNTY Culture)
Hollywood studio project garners $35M loan to buy land
Hollywood studio project garners $35M loan to buy land
Bardas' David Simon with rendering of project at 717 Seward Street (Bardas Investment Group)
Hollywood office projects qualify for $76M loan
Hollywood office projects qualify for $76M loan
Mark Parrell; The Vantage Hollywood and Breakwater Apartments in Marina del Rey (Michigan Ross, Equity Residential, Getty)
LA tenants sue Equity Residential over background checks
LA tenants sue Equity Residential over background checks
Greystone's Hafize Gaye Erkan with 1657 N. Western Avenue (Greystone)
Bond financing kickstarts affordable senior housing complex in Hollywood
Bond financing kickstarts affordable senior housing complex in Hollywood
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...