I was able to acheive as you said.. This is what i used ..I used a SDO_NN statement to find the closest segment and used its segment_ID from that query for the following query..
R.LRS_CURRENT_SEGMENT_ID, r.NLF_ID, r.CTL_BEGIN_NBR, r.CTL_END_NBR, r.GEOMETRY, SDO_NN_DISTANCE(1)
SDO_GEOMETRY(2001, 8307, SDO_POINT_TYPE(-83.11904,39.976629, NULL), NULL, NULL),
'sdo_num_res=10 distance=0.02 unit=mile',1) = 'TRUE'
and r.TRANS_ROUTE_CD = 'RA'
(select SDO_LRS.CONVERT_TO_LRS_GEOM (r.geometry, 0.33, 0.47) from LRS_CURRENT_SEGMENTS r where r.LRS_CURRENT_SEGMENT_ID = 10281216),
(Select SDO_CS.TRANSFORM(SDO_GEOMETRY(2001, 8307, SDO_POINT_TYPE(-83.11904,39.976629, NULL), NULL, NULL), 41104) From DUAL)
) as PROJECTED_CTL
where LRS_CURRENT_SEGMENT_ID = 10281216
Worked with the expected results. Thank you for your advice.
I had to do it in 2 separate queries, since the first query can result in multiple answers. Logic needs to be built to select the closest line string.