A developer who has proposed giving $70 million and land on the slopes of Mount Olomana for a new Kailua High School has asked for more time to research the proposal further.

Chris Dey, who wants to swap 97 acres he owns for the land that the school now sits on, said it became clear he needed more information about the properties involved in the proposed exchange before the Board of Education could move forward.

Dey said he expects to meet Friday with representatives from the state Department of Land and Natural Resources to learn more about the properties.

No timetable has been established for the school project and Dey said he expects delays.

However, he said he still hopes the proposal will be accepted.

"I think anything of this magnitude, there's going to be a lot of different challenges," he said.

Dey's 97 acres is zoned conservation, which allows for some construction, but building above a certain height on the mountain is restricted. Dey and his wife, Kimberly, also own 62 acres of agriculture land in the same vicinity, off Old Kalaniana'ole Road.

The Deys purchased both parcels in 1998 to build an equestrian center. The center idea was scrapped when the couple purchased property in Waimanalo that better suited their purposes, he said.

BOE member Paul Vierling, who was heading a committee to look into the proposal, said he expects the Deys to come back to him in mid- to late December with more information.

Until then, the proposal is in limbo. "If it's not going to fly I want to be able to report that and move on," Vierling said.

BOE chairman Breene Harimoto announced Dey's proposal at a Sept. 1 board meeting. Although no details were announced, Dey said the land could potentially be developed into several housing options.

Because of the size of the present school — and the acreage available under zoning requirements — several hundred homes could potentially be developed.

Vierling was appointed to explore the offer and determine pros and cons and public opinion. He received a wide range of comments from the community in notes and e-mail, he said, with people both for and against.

"It was at least 2-to-1 supporters," he said, "people who called or wrote in support — and (asking the BOE) to at least take a look at it."

Reach Beverly Creamer at bcreamer@honoluluadvertiser.com and Eloise Aguiar at eaguiar@honoluluadvertiser.com.