That was pretty much the low point of the Paramount (and that entire block). The adjoining parking lot resulted from the failure of a late-1980s development project called 'Commonwealth Center'. Eventually Millennium Place (now Ritz-Carlton Towers) was built on the site intended for Commonwealth Center.
One of the conditions that Millennium agreed to, in order to receive its permit, was to restore the Paramount's fa?ade, marquee, and vertical sign. This work all happened before Emerson took over the property.