Hollywood Center Studios, one of the oldest lots in California, is making a $50 million bet on continued demand for its soundstages at a time when the state is sweetening its incentive program.

“Although film production has largely left L.A., a lot of TV production remains here due to the creative talent that resides in L.A.,” notes spokesman Alan Singer. “There is still a significant need for soundstages, sets and equipment.”

The Singer family, which bought the property from Francis Ford Coppola in 1984, is finalizing plans to remove old buildings and replace them with a 106,000-square-foot office complex and a 360-car parking structure that would open in 2017.

Those plans began taking shape a decade ago, when the owners bought a complex of buildings and land at the corner of Seward and Romaine. Modifications that include additional property for the parking structure must be OK’d by planning entities, said the studios’ president, Timothy Mahoney.

The current campus is home to more than a dozen shows on a dozen stages, control rooms, production offices and dressing rooms.