The drop-in session will be held at the Royal British Legion on Thursday from 12noon-3pm.
Plans for Smithy Green will see 18 two-bedroom (three person) flats and 24 three-bedroom (five person) townhouses built on the green.
Formby Labour Action Team's Peter Maguire and Ravenmeols Ward Labour Councillor Catie Page said it is crucial that people attend the drop-in session and have their say about the plans.
Peter said: "This is a major proposal for Formby and we want to make sure that everyone has the chance to have their say.
"We want all the views of the community to be heard in relation to this major development.
"There will be an opportunity to see detailed plans for the 18 flats and 24 townhouses and also for people to ask questions about the plans.
"The people of Smithy Green and the wider community must be given the chance to air their views in relation to these plans before any decision is made. Thursday's drop-in session gives us all the chance to have our views heard."
Cllr Page said the Formby Labour Action Team has already been contacted by a large number of people with questions about the proposal.
Cllr Page said: "People are already asking questions about this development. Many people are concerned about the impact on the local community.
"The drop-in session will be the opportunity to get answers to these questions and from that point the community can then consider if it supports the development or not.
"Formby Labour Action Team and I will be ensuring that people have their say and that any development is in the interests of the community."
Formby Labour MP Bill Esterson is taking a keen interest in the plans for Smithy Green.
Bill said: "I will be very interested in the plans for Smithy Green but more especially in hearing the views of people who live there now and the views of the wider community in Formby. My priority is to ensure that this development is in the interests of this community.
"I want to make sure that the concerns of the people directly affected by these plans are addressed and I will be speaking to residents about the scheme in coming days and weeks. Any developments planned at Smithy Green must take account of the views of people living there now as well as the need for homes in Formby."
The drop-in session will be held between 12noon and 3pm on Thursday (February 23) at the Royal British Legion, Whitehouse Lane, Formby, L37 3LT. And have your say by writing to Formby Labour Action Team at 96 Gores Lane, Formby, L37 4DF or email firstname.lastname@example.org