|Paramount Pictures, an integral part of Hollywood for more than 100 years, is making a $700-million investment that will allow the studio to advance its facilities with the newest technology, create entertainment jobs in Hollywood and preserve the studio's rich history. The Los Angeles City Council has unanimously approved Paramount Pictures' Hollywood Project authorizing the studio to build its master plan over 20-plus years to enhance studio operations on its 62-acre property in Hollywood. (The studio site includes the 56-acre main lot and six adjacent properties which total 6 acres.) The project preserves the rich history of the studio lot, which remains a major destination for film and television production in LA and allows the studio the flexibility to grow and invest in Hollywood and keep the entertainment industry and jobs in Los Angeles. The studio's long-term plan was guided by a well-respected team of architects and preservation experts. The project approval includes a Historic Preservation Plan which identifies two historic districts-RKO Studios and Paramount Pictures-and maintains a significant amount of historic fabric within each district, as well as preserves the KCAL building which was significant as an early radio broadcast facility in Hollywood. The project will establish the first Hollywood Transportation Management Organization (TMO). Through the TMO, Hollywood businesses and residential stakeholders will have the ability to combine efforts to better market and incentivize transit use and van and carpooling in the future. Paramount will provide funding to establish the TMO, and provide 10 years of ongoing support to market the program. In addition to Paramount's $700 million private investment, the project's major economic benefits to Los Angeles include:
• $3.1 billion annually in economic output upon completion
• 7,000 new jobs during construction and 12,000 new jobs during operations at build-out
Bravo Paramount Pictures !
|Posted By Oscar Arslanian on December 21, 2016 11:13 am | Permalink |