A development application has been lodged with Logan City Council for the residential development of the 162 hectare Hills College site.
The proposal would allow for about 750 homes and 113 hectares of open space, including a golf course.
The low density development for the school land was first announced in July 2017 at which time it prompted complaints from Jimboomba X Stadium organiser Scott Bannan that the development would see the end of the popular motorsport supercross event which had been run at the site for four years.
Mr Bannan said the event had put Jimboomba on the map.
He said he was grateful to the college for the opportunity to host events at the stadium which had attracted thousands of people to the area.
The development application lodged by developer Urban Construct this week was to allow for rezoning of the site that surrounds the school to low-density residential.
Urban Construct managing director Todd Brown said the proposal included the school retaining all its buildings and the protection and enhancement of the site's ecological values, including 1.7km of publicly accessible open space along the Logan River.
Mr Brown said the application was made by Urban Construct following talks with Hills College in accordance with a contractual relationship.
"The development application is for rezoning of the land only and does not allow for any excavation or building works to occur, and as such there will be no immediate changes to the school or how it operates," Mr Brown said.
A Hills College spokesperson said in a statement that the project would provide the school with the chance to reduce debt and to strengthen its balance sheet.
No timeframe has been put on the development at this stage.