Medford could become the next Boston suburb to adopt mixed-use zoning as interest intensifies among multifamily developers.

The city is negotiating a contract with Metropolitan Area Planning Council for a study of the Mystic Avenue corridor, where a Malden developer recently was selected to acquire a Massachusetts Department of Transportation sign shop for a potential 500-unit residential complex.

Mayor Stephanie Burke said she’ll seek city council approval to rezone Mystic Avenue pending the findings of the estimated $40,000 study. The four-lane stretch of road parallel to I-93 is lined with car dealerships, small strip malls, storage facilities and repair shops.

“We’re looking at that area to turn it around: it’s the gateway to the community,” Burke said. “Working with the city council and community development department, we might think it’s appropriate for a mixed-use zone similar to Station Landing.”

After acquiring the Station Landing site at Wellington Circle in 2004, Newton-based National Development built 650 condominiums and apartments above 100,000 square feet of shops and restaurants. The final piece of the project, the 190-room AC Hotel by Marriott Boston North, was completed in 2016.

The Mystic Avenue study would include an analysis of existing uses, recommendations for zoning changes for development that encourages job growth, and enhanced pedestrian and bicycle access, said Lauren DiLorenzo, director of Medford’s office of community development.

MassDOT announced last month that Malden-based developer Combined Properties was the higher bidder at $6 million to acquire a 1.7-acre property at 300 Mystic Ave. The pending transaction is part of Gov. Charlie Baker’s Real Estate Asset Leveraging (REAL) program selling state-owned properties to private developers for economic development and housing creation. Combined Properties plans to build 500 residential units and 53,000 square feet of retail at the property, according to MassDOT.

The development would encompass neighboring properties also owned by Combined Properties, DiLorenzo said.

Developer Equity One received variances in 2016 to build a 490-unit apartment complex at the 6.8-acre former Shaw’s supermarket property at 61 Locust St. City councilors objected to the 562,508-square-foot project’s size and density, and the development is on hold pending a lawsuit challenging the approvals filed by Tullaugh Realty LLC and Locust Realty LLC in the state’s Land Court.