Paramount Pictures Corp. said it will renovate its Hollywood studio with a $700 million investment that will create 7,300 temporary jobs. When the renovation is complete, the famous studio would then have 5,500 permanent workers, said Frederick Huntsberry, the company\'s chief operating officer, the Los Angeles Times reported Wednesday. The plan includes development of 1.4 million square feet of production space, including offices. The project is expected to take 20 years to complete. Brad Grey, chief executive officer of Viacom Inc., which owns Paramount, said, \"This is a wonderful way to reinvest in what brought us to the party.\" Some say the company\'s Hollywood campus is long overdue for new investment, which went slack for decades when Paramount \"had bad management and bad films,\" said Ann Gray, an architect. The new goal, the Times said, is to create a safe environment for the creative process. \"Frank Mancuso (former company president) said creative people are very insecure. We want an environment where they feel secure enough to be as creative as they can be,\" Gray said. The project is contingent on approval from the city, the Times said.