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Paramount plans $700m studio expansion

25 Sep 2011 (Last Updated September 25th, 2011 18:30)

Paramount Pictures is seeking permission from the city of Los Angeles, US, for a 25-year, $700m plan to revamp its studio lot in Hollywood.

Paramount Pictures is seeking permission from the city of Los Angeles, US, for a 25-year, $700m plan to revamp its studio lot in Hollywood.

About 1.4 million square feet of development will take place over the next two decades at Paramount’s Melrose Avenue headquarters and some adjacent properties owned by the company.

The company plans to regenerate its 62-acre lot by demolishing some buildings and constructing new ones, turning surface parking lots into structures and expanding soundstage space from 362,100ft² to 383,100ft².

Planning permission for the project is expected within two years and the new master plan could take up to 25 years to complete.