The studio has applied to the City Of Los Angeles to upgrade its 62-acre property comprising the 56-acre lot and six adjacent properties in Hollywood.  

According to Paramount the 25-year project represents a potential $700m investment in the city and is anticipated to generate $3.1bn in economic output annually. It is estimated that the work would create nearly 7,300 jobs during construction and 12,600 jobs during operations.

The majority of the current studio lot would remain the same with development earmarked for parcels of land along Melrose Avenue and limited areas within the production core.

The Hollywood Project would streamline operations and create advanced soundstages with adjacent production offices, environmentally friendly headquarters and upgraded employee amenities, among other proposals.

“As the last major studio physically located in Hollywood, this project is fundamentally about maintaining a robust and healthy entertainment industry in Los Angeles, laying the long-term foundation to preserve and grow jobs and employment in the heart of the entertainment industry, as well as ensuring that the legacy and heritage of this iconic studio are protected for future generations,” Paramount chairman and CEO Brad Grey said.

The studio will consult with the its shareholders and the public and it will work with the City and its agents to conduct a thorough environmental impact review.