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Paramount planning $700M upgrade for Hollywood headquarters

An aerial view of the site plan for Paramount Pictures' Hollywood headquarters is shown. The studio is planning a $700 million upgrade to the facility.

September 21, 2011 12:00:00 AM PDT
Paramount Pictures is planning a $700 million upgrade of its headquarters in Hollywood.

The studio is filing applications with the city of Los Angeles for what is being called the "Hollywood Project."

It's a 25-year plan to improve its lot on Melrose Avenue and nearby properties.

Paramount said the project will create about 7,300 jobs during construction and nearly 13,000 jobs during operations.