The Los Angeles County Metropolitan Transportation Authority last week awarded Lowe Enterprises exclusive negotiating rights as master developer for the proposed NoHo Art Wave project adjacent to the North Hollywood Metro Red Line station.

The Los Angeles-based developer will oversee mixed-use development at the 15.6-acre site on Lankershim Boulevard, which could cost around $700 million, according to Thomas Wulf, senior vice president for the Lowe Enterprises Real Estate Group.

The project is expected to total around 1.7 million square feet of mixed-use space, including 560 apartment units, 1 million square feet of office space, and 200,000 square feet of retail space.

Lowe said it worked with architects AC Martin Partners to create a conceptual master plan that complements other recent projects that have added multifamily, retail and restaurant space to the neighborhood.

“Given the size of the development and its location, we believe it will be an important catalyst for the continued economic renewal of North Hollywood,” said Robert Lowe, Lowe’s chief executive, in a statement.

It would be the largest transit-focused, mixed-use development in North Hollywood and is indicative of the city’s effort to encourage new businesses around public transit hubs. The North Hollywood area has a Metro Red Line subway station, the bus terminus for the Orange Line and connections to other bus routes.

Lowe Enterprises, whose major L.A. projects have included the Sony Music campus in Santa Monica, currently is constructing the Terranea Resort on the 100-acre former Marineland site in Rancho Palos Verdes.

Lowe’s selection for the project came after a competitive selection process that involved representatives from Metro and the Los Angeles Community Redevelopment Agency. Metro owns several large parcels along the 14-mile Orange Line and has been in discussions with developers concerning at least five of the sites.