CHELMSFORD — UMass Lowell will proceed with efforts to sell the abandoned West Campus, but Chelmsford won’t get the right of first refusal it initially sought.

However, the town still may get an opportunity to see its preferred project, a 55-plus housing and assisted living community, placed at the 34-acre Princeton Street property through an open bidding process.

“The Housing Authority or any other entity, its affiliate or otherwise, could submit a bid either solely or in partnership with a private development to acquire that property and to develop it,” Town Manager Paul Cohen told selectmen Monday.

Cohen said that he, Assistant Town Manager Mike McCall and Community Development Director Evan Belansky last week met with officials from the university, the state Division of Capital Asset Management and Maintenance and Gov. Charlie Baker’s office to discuss the future of the property.

The town had earlier worked with UMass Lowell and state Rep. Tom Golden, whose district includes the West Campus, to craft special legislation that would allow the university to retain the proceeds of the disposition of the property and give Chelmsford, the Chelmsford Housing Authority and its nonprofit affiliate, CHOICE (Choice Housing Opportunities for Intergenerational and Community Endeavors) Inc. the first right of acquisition in the first 18 months.

That plan was put on hold, however, when it became clear the most lucrative option — to sell the land for high-density residential development — became an unlikely outcome.

Thanks to a slew of multi-family housing projects that are underway, the town will surpass the 10 percent affordable housing inventory threshold it needs under state law to have authority to turn down further large 40B developments, Cohen said.

He said the West Campus property’s residential zoning would limit it to single-family housing development, unless the town agreed to a “friendly 40B,” or Local Initiative Project at the site, or allowed a zoning change. A zoning change would require a two-thirds vote at Town Meeting, but Cohen said he does not anticipate that would occur.

Because the town itself has no identified municipal need for the property or desire to spend tax dollars to acquire it — as well as there being uncertainty about the value of the property, after the town and university received vastly different appraisal amounts, Cohen said — the parties agreed the best course was to put the property on the open market.

“The university has been working with the town of Chelmsford, Golden, DCAMM and Gov. Baker’s office to determine the best use for the West Campus property,” UMass Lowell spokeswoman Nancy Cicco said in a statement. “Should legislation to authorize the disposition of the land pass, all parties have agreed to issue a request for proposals. It is our hope the responses will reflect projects that are desirable to the university, the commonwealth and the town.”

Cohen said special legislation authorizing UMass Lowell to retain the proceeds will likely be entered in the next state legislative session in January. Once the property goes out to bid, he said he expects Chelmsford Housing Authority Executive Director David Hedison and his partners to submit a proposal for senior housing.

Follow Alana Melanson at facebook.com/alana.lowellsun or on Twitter @alanamelanson.