It will feature stadium seating, as well as a new Imax sound system and digital projector, which will later be replaced by a laser projector system that Imax is adding to its circuit.

The Imax theater is expected to open by September. It hosted the Academy Award ceremonies in the 1940s and has hosted numerous high-profile premieres, including “The Wizard of Oz” in 1939 and the recent Warner Bros. It is one of the most popular tourism draws in L.A. The storied Hollywood Boulevard theater, best known for its giant red Chinese pagoda, 30-foot-tall Chinese dragon and the cement footprints and handprints of famous stars, opened in 1927 and was declared a historic and cultural landmark in 1968. “It’s an acknowledgment of how far we’ve come from the fringes of Hollywood to the most iconic film location in Hollywood,” Gelfond said of the move into TCL Chinese Theatre.

PHOTOS: Hollywood’s Chinese Theatre moments

Once known for its nature documentaries, Imax has evolved into a major player in the exhibition industry, showing about 35 films a year, mainly fan-boy and action movies such as “The Dark Knight Rises” and the coming “Star Trek Into Darkness.” The company, which has offices in New York and Toronto, has more than doubled the size of its theater circuit in the last four years, expanding rapidly in overseas markets such as Russia, India and China, where it has relationships with most major exhibitors.

City walk imax