The Town of Falmouth has finalized an agreement to sell parts of the old Plummer-Motz and Lunt School properties to an adjacent retirement community, said Nathan Poore, Falmouth Town Manager.

The deal culminates more than a year of discussion between the town and OceanView, which plans to convert the wooded land connected to the school sites into as many as 60 cottages for seniors. Some of the school buildings will be used as office space.

Of the $3.25 million OceanView agreed to pay, $1.25 million will go toward acquiring water conservation land to offset the loss of the natural area it sold.

The buyer of the land also will develop part of it into a public green. The deal also keeps open a possibility the Falmouth town library could move into the old Plummer School, although the library’s board of directors has yet to weigh in.