The Five Mile site is the subject of an international mortgagee tender process, through Bayleys Queenstown.
Tenders close today.
Significant interest has been shown in the site, particularly from Australia.
Five Mile was planned to eventually house 100,000 people and be worth $2 billion.
Mr Porter said he was keen to work with any new owner of Five Mile to promote integrated zoning.
The area, is part of a zoning process, Plan Change 19, and an independent commissioners' decision on that is not expected until the second quarter of this year.
"Taking into account existing zonings for mixed use at Remarkables Park, and 80 future commercial lots currently on the market on the adjoining Shotover Park land, we submitted that the bulk of the Five Mileland could appropriatelybe zoned for residentialand educational uses," Mr Porter said.
"Because a large part of the land is outside the airport's outer noise boundary, it would be a terrific site for a new high school that the district sorely needs to cater for future growth," he added.
However, it was unlikely all planning issues would be settled with the commissioners' decision.
Any appeal on zoning for the Five Mile land could be subject to an appeal process, which could take years to settle.
"Recent confirmation of a new road from State Highway 6, extending through Shotover Park, around the end of the Queenstown Airport and directly to Remarkables Park, leads to an area that already has extensive mixed-use and high density residential zoning, including approximately 100ha of Remarkables Park land still to be developed," he said.
"Remarkables Park has the largest amount of high density-zoned land in the Wakatipu Basin.
"It already attracts more than 2 million people a year and with a lot more retail and community developments planned, such as the recently publicised Care Facilities precinct, it will continue to grow as the district's second major centre.
"We trust anyone who buys Five Mile will be aware of existing planning and roading hurdles yet to be overcome.
"Continued failed developments at this site won't be good for the town or the new owners."
Mr Porter said his company was considering making an offer for a small part of the tendered land.
It would consider a joint venture with other parties.
