Atlantic Crossing, the developer, will present its new, less dense plan for residential development on the property.
The selectmen agreed last month to take $350,000 less from Atlantic Crossing, which is proposing to build five fewer houses on the property.
The developer had proposed to pay the town $2.2 million and build 19 single-family homes on the property. But Town Meeting rejected that proposal this spring, sending Atlantic Crossing back to the drawing board.
The new, less dense proposal would divide the property into 14 home sites. The new lots would be 6,500 square feet.
The selectmen voted last month to approve the new plans.
The selectmen agreed Wednesday night to send a letter in support of the project.