LOS ANGELES — The Los Angeles City Council approved plans for the $1 billion redevelopment of Television City studios at 7800 Beverly Blvd. on Tuesday, according to reports by the Los Angeles Times.
The landmark property was designed by architect William Pereira and developed in 1952. The studios have since been home to TV programs including “The Carol Burnett Show,” “The Ed Sullivan Show,” “Wheel of Fortune,” “Good Times” and “All in the Family.”
The redevelopment project is headed by Hackman Capital Partners, which acquired the property from CBS in 2018 for $750 million. Multiple plans for the site have been submitted over the course of the past two years due to pushback from the local community, according to the LA Times.
Owners of nearby establishments including A.F. Gilmore Co. of the Original Farmers Market and Grove LLC — which owns The Grove shopping center developed by Rick Caruso — have sided with neighborhood groups against the project claiming it was too big and would make local traffic significantly worse, according to the newspaper.
In response to these requests, Hackman worked with the city council to produce the recently approved plans for the project, which include the removal of 15-story, 150,000-square-foot office tower from the original development plan.
Discourse over the project has played out against the larger backdrop of a downturn in the local entertainment industry due to film and TV productions moving to out-of-state locations, according to the LA Times. Hackman argues that the project will ensure the studios continue to attract top-tier TV, film and new media makers.
The approved redevelopment is expected to add 980,000 square feet of offices, sound stages, production facilities and retail space, according to the LA Times. At full build-out, the facility is expected to occupy nearly 1.7 million square feet.
The site currently spans 743,680 square feet and includes nine sound stages, 322,690 square feet of office space, 325,450 square feet of production support and storage space and 1,500 parking spaces. TV shows currently filmed at Television City include “The Young and The Restless” and “The Bold And The Beautiful.”
The development team for the project includes Foster + Partners, Adamson Associates Architects and RIOS. A timeline for the redevelopment was not announced.
Los Angeles-based Hackman Capital Partners was founded in 1986 and invests in, operates and develops commercial real estate properties. The company had over $10 billion in assets under management as of year-end 2023, according to the company’s website.
— Katie Sloan