Paramount unveils major redo of its Hollywood lot

Paramount Pictures said today it will seek city approval for a 25-year makeover and expansion of the 56-acre studio lot on Melrose Avenue, the last of the big studios actually located in Hollywood. A new headquarters building and modernized soundstages are part of the plan, which also includes six nearby acres. Most of the lot would remain as it is today, the studio says. Paramount estimates the work it envisions will total $700 million in investment and create 7,300 construction jobs.