Gwyneth Paltrow: Check Out My Hustler Store Makeover

Gwyneth Paltrow and her people have unveiled what will be a spectacular building on the Sunset Strip that will house her fancy, high-end new club.

Talk about a metamorphosis ... Gwyneth and her business partner, Gary Landesberg, bought Larry Flynt's Hustler sex shop, which will close at the end of the year. The building will be razed and the new, shiny, majestic one will replace it.

Gwyneth and Gary plan to open the Arts Club, similar to the one in London. The club is Soho-esque, with a fancy restaurant -- Zuma -- a nightclub and fancy stuff like poetry readings. The London club even prohibits swearing and gambling.

According to the blueprints, the new building will be 132k square feet ... almost 10x bigger than Hustler. Here's the floor-by-floor:

-- 1st-4th floors: parking, offices and gallery

-- 5th floor: dining terrace, screening room and gym

-- 6th floor: 15 guest rooms for members

-- 7th floor: restaurant, lounge and terrace

-- 8th floor: a "Japanese/Latino" restaurant

-- 9th floor: rooftop pool and terrace

Gwyn might want to think twice about the stiff membership fees -- $2k a year for the London club ... word is the LA club will be even more exclusive and pricey.