Lippman and Keyser will write and executive produce the first season of the new version, which will focus on the five Acosta children as they navigate life after their parents are deported to Mexico.
The series stars Brandon Larracuente as Emilio, Emily Tosta as Lucia, Niko Guardado as Beto and Elle Paris Legaspi as Valentina.
"'Party of Five' embodies the heart and soul of what it means to be a family in the most trying of times," Tom Ascheim, president of Freeform, said in a statement.
"We're so lucky that Freeform gets to be the home for this reimagined story, as we continue to represent the resilience of young adults and the importance of fighting for your voice in times of doubt."
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