Hackman Capital Partners on Friday will update its application to the City of Los Angeles with a scaled-back plan for expanding and upgrading the Television City studio complex in Hollywood, the Los Angeles Times reported. The company, which acquired the studios from tenant CBS for $750 million in 2018, said it’s responding to feedback about the project from nearby residents, stakeholders and city officials.

The updated plan by Foster + Partners eliminates a 15-story office tower on the west side of the lot that was part of the $1.25-billion plan Hackman submitted two years ago, reported the Times. Another 15-story office tower remains in the plan, but other building heights have been lowered, particularly along the perimeters.

The plan still represents an addition of more than 980,000 square feet to the 25-acre site at Beverly Boulevard and Fairfax Avenue, according to the Times. To Michael Hackman, chief executive at Hackman Capital, the downturn in filming activity locally following last year’s strikes means that more studio space is needed as well as more tax incentives from the state.

“The entertainment industry is our city signature industry and if we don’t invest in the future, we’re really at risk of losing it,” Hackman told the Times. “We’re still emerging from a once-in-a-generation dual strike. And the production stoppage cost Angelenos approximately $6.5 billion or more in lost wages and economic activity, which makes it clear how important this industry is to our city, and especially the people who work in entertainment every day.”

Rendering courtesy of Foster + Partners and Television City.

On May 1, catch the Industry Leaders C-Suite panel at Connect Los Angeles 2024 when Bob Hart, President & CEO of TruAmerica; Kyle Matthews, Founder, Chairman & CEO of Matthews REIS; Bill Frame, CEO and Chairman of the Board of Kidder Mathews; Anthony Graziano, Chairman and CEO of IRR; and moderator Lew Horne of CBRE take the stage. Register now to hear live from these industry leaders.