A well-known Greater Portland developer is poised to buy the former Prides Corner Elementary School in Westbrook and build some 40 condominiums on the 10-acre site.

The Westbrook City Council will discuss a new purchase and sale agreement for the school at its meeting Monday night.

The new proposal comes just weeks after the council, following concerns from neighbors, rejected a plan for a 98-unit apartment complex. Neighbors were troubled by the scope of the proposal, as well as its possible impact on schools and traffic.

The new proposal is from Stephen Goodrich, CEO of the Portland-based credit card processor, PowerPay. He also owns properties in Biddeford, Scarborough and Portland. He is offering $450,000 for the property, compared to the $650,000 offered under the previous plan. However, Goodrich’s proposal would see less than half the number of units than the prior plan.

According to a notice sent to Prides Corner neighbors this week, the purchase and sale agreement is contingent on Planning Board subdivision approval of the allowed units “to be constructed in accordance with the property’s existing zoning standards.”

The current zone, Residential Growth Area 2, allows for about 40 units.

The developer will present a conceptual design and allow for public input at the council meeting, which starts at 7 p.m. at Room 114 at Westbrook High School. If the City Council votes in support of the sale, a public hearing will be scheduled for Monday, March 3.