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Old Hollywood Dame Paramount Studios to Get a $700M Facelift

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Paramount Studios, located at 5555 Melrose Avenue since 1926, is prepping one helluva production: A $700 million property upgrade that will happen over 25 years. The historic studios have called this the "Hollywood Project," according to the Hollywood Reporter.

The main goal is to modernize structures and develop portions of the 62-acre property. Paramount says they intend to "maintain many of the historic structures while modernizing them."

In addition to the upgrades and changes on their core lot, Paramount is including six adjacent lots as part of the "Hollywood Project."

The studio says the endeavor will create thousands of jobs and generate an estimated $3.1 billion in annual economic output.

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Paramount is the last of the major and pioneering movie studios located in Hollywood proper. The facility has an impressive and storied history.