Developers and transit officials are expected to apply Monday for L.A. city permission to build a $1 billion mixed-use complex that would surround the entrance of the Red Line subway station in North Hollywood and adjacent hub for connecting bus routes, including the well-traveled Orange Line to Warner Center and Chatsworth, a newspaper reported.

The proposal by developer Trammell Crow Co. and the Los Angeles County Metropolitan Transportation Authority calls for a village called District NoHo that would include apartments, offices, stores, bars and restaurants, the Los Angeles Times reported. It would be the largest development at an MTA station in an era that has seen a flurry of construction around train stops as new rail lines branch out around the county.

“We probably won’t have an opportunity like this again,” said Wells Lawson, a senior director in the MTA’s joint development group.

Development sites around the NoHo train station were assembled by the Los Angeles Community Redevelopment Agency, which was disbanded in 2012. Other new stations such as those being built along Wilshire Boulevard are in densely developed neighborhoods, making it harder to find adjacent sites for new construction.

In North Hollywood, Trammell Crow and its housing group High Street Residential have nearly 16 acres to create a community with 1,500 apartments, a 10-story office tower and various dining and entertainment options. There would be about three acres of open space that could be used for leisure or public gatherings, including live entertainment events, according to The Times.

“Our goal is to create a project of regional significance that would bring to the Valley a live-work-play dense urban environment,” said Brad Cox of High Street Residential, The Times reported. “The east Valley doesn’t really have a true urban node.”

The apartments are to be divided among six different buildings, with two of them containing a combined 300 units designated affordable, or 20% of the total, The Times reported. Renters who earn no more than 60% of the area’s median income at the time would qualify for a lottery to become residents.

The other 1,200 units are to rent at market rates, and Cox anticipates that many of the occupants will work in the entertainment industry. Nearby via train are Universal City, Burbank and Hollywood. And North Hollywood has long been known as a home to people in performing arts, and the arrival of the subway two decades ago only bolstered its reputation, according to Trammell Crow.

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