Paramount to Expand Lot

Paramount Pictures plans to spend $700 million and the next 25 years renovating and expanding its lot. The process officially began earlier this week when the studio filed papers with the City of Los Angeles.

The project will see to the demolition of four 5,000 square-foot soundstages to make way for five new state-of-the-art 20,000 square-foot soundstages. More soundstages will be built as the 56-acre lot will expand when Paramount converts surrounding parcels into part of the lot.

According to documents released, Paramount’s expansion will generate 12,600 new jobs. The studio currently employs 5,000 and claims to be Hollywood’s biggest employer.

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