Brookline town meeting Tuesday authorized the $14.8 million purchase of a 4-acre portion of the Newbury College campus from an Ohio developer that plans senior housing on part of the remaining site.

The purchase is contingent upon approval of a Proposition 2½ debt exclusion by voters.

In September, Toledo, Ohio-based Welltower paid $34 million to acquire the 7.8-acre campus property which includes eight dormitories, offices and academic buildings spanning 142,000 square feet from the liberal arts college, which announced in 2019 its plans to close at the end of the year.

In February, the developer submitted plans for 160 independent living, assisted-living and memory care units on a 3.9-acre portion of the site. Boston-based New Atlantic Development would redevelop the Holland Hall building as 18 mixed-income condos.

The town’s plans for the rest of the property have not been decided.

According to town meeting documents, the purchase price is approximately equal to the assessed value of the property and a 20-percent discount below the appraised fair market value of $18.55 million conducted by Colliers International, which represented the college in the transaction to Welltower.

A zoning committee negotiated with the developer for eight months before approving seven town meeting articles, including a new Fisher Hill overlay zoning district.