The Washington Metropolitan Area Transit Authority has selected a Providence, Rhode Island-based developer to transform a surface parking lot by the College Park Metro station into a 400-plus unit apartment project.

The WMATA board on Thursday is expected to approve a motion to negotiate and execute a term sheet with Gilbane Development Co., the firm chosen over three other bidders to develop the lot sandwiched between the Metro tracks and River Road.

Gilbane’s specific proposal calls for 430 units over 11,900 square feet of retail. A neighboring parcel will be improved as open space fronting a pedestrian plaza, while the project will leave room for the incoming Purple Line tracks and station. The developer has offered a $14.2 million payment for the site in addition.

“This is a great opportunity for transit-oriented development and particularly on this WMATA site, just steps from the College Park station as well as the future Purple Line stop right there,” said Eric Olson, executive…