Now that it’s clear that Christian de Portzamparc’s Academy of Motion Picture Arts and Sciences Museum in Hollywood will not happen (the Academy will instead reimagine the old May Company building for the museum), the Academy recently shared its plans with the LA Times to build a new amphitheater and 17,000 square foot event space on the dead project’s land. The group purchased the 3.5-acre lot near the intersection of Vine Street and Fountain Avenue in 2005 for $50 million. According to the Times, the amphitheater (to be used, of course, to screen movies) will include a raised grassy area and will seat about 300 people. Plans call for a 10,000-square-foot patio adjacent to the amphitheater designed for special events. It looks like the space is probably temporary, as Academy President Tom Sherak said the Academy will keep the space until the site’s value climbs back to its 2005 level. On second thought, this amphitheater could be here a while.