Florida's governor and cabinet yesterday deferred consideration of an environmentally sensitive tract of land of which Harvard has part ownership.

The state's highest body pushed back the date of its decision on an unusual three-way deal in which a limited partnernship known as Bayside Properties Ltd., which includes Harvard, would receive a lucrative 70-acre parcel near Miami's airport in exchange for a 484-acre site on North Key Largo.

But before the deal can go through the state must agree to sell the airport land to the Nature Conservancy, a national environmental group, which would then trade to the tract to Harvard and its partners.

The governor delayed a decision on the land until November 17 so that Stardial Corp., which also wants to purchase the 70-acre tract, can conduct new appraisals of that property.

The decision by the governor and cabinet is being closely watched because Bayside has filed plans for extensive development on the Key Largo site. The land is ranked first on a list of more than 60 environmentally sensitive properties the state seeks to purchase for protection.

Environmentalist groups say they want the land protected because it is home to several endangered species including the Key Largo wood rat, the American crocodile, the Schaus butterfly, and the cotton mouse. The Key Largo parcel also is adjacent to the only living coral reef in North America, which environmentalists say could be killed by runoff from development.

Douglas Halsey, an attorney for Bayside, said yesterday that the partnership continues to be optimistic about making a deal that would prevent the land from being developed.

"There's a reasonable likelihood we could do a deal," he said.