The University of Texas Board of Regents voted Thursday to give UTSA conditional approval to have exclusive discussions with the City of San Antonio to buy or lease its Institute of Texan Cultures property, which makes up roughly 13.5 acres in Hemisfair, for a “potential downtown revitalization project.”

Although no one would speak on the record about specifics, the move heightens speculation that the city may seek the property as a new downtown home for the San Antonio Spurs. A new basketball arena would need about 12 acres of land; moving the Spurs to Hemisfair would put San Antonio squarely within a larger national trend of locating sports arenas in city centers.

“The city is interested in every opportunity, and as much flexibility as possible, in realizing the future of downtown San Antonio,” said Mayor Ron Nirenberg in a statement. “As conversations evolve about the development of downtown, Hemisfair and the area surrounding it remain central to the re-envisioning of the region.”

He said the ITC property could be a “central piece” of larger plans to “deliver one of the most unique downtown experiences in the nation.”

City spokeswoman Laura Mayes said in a statement that it is “exploring several projects in the area, including expansion of the Henry B. González Convention Center, a major renovation to the Alamodome, and a land bridge over IH 37 reconnecting Hemisfair to the east side of San Antonio.”

She confirmed that the city is also seeking to acquire property near Hemisfair that is currently owned by the federal government.

It’s unclear what would happen to the ITC museum building if the property is ultimately sold to the city. Just last month, a Texas Historical Commission panel ruled that the building is eligible to be listed on the National Register of Historic Places — despite opposition from UTSA, which owns the ITC and has been looking to relocate it.

The law states a property cannot be listed on the National Register if the owner objects; nor would a listing protect the building from demolition.

In October, the university released a report that identified four potential areas for relocating the museum, including a property near the Alamo as a desirable site for the museum. UTSA entered into a memorandum of understanding with the city and 1859 Historic Hotels, owners of the Crockett Hotel, to potentially build on what is currently a parking lot at 320 Bonham. 

Joe Izbrand, a spokesman for UTSA, said all four locations the university is studying for relocation remain in play. He said Thursday’s vote “advances our due diligence process” as the university continues to weigh the future of the museum, and gives UTSA the ability to engage with the city “without delay,” given that the Board of Regents don’t meet again until May.

The discussion around the board of regents’ vote, which was first reported in the San Antonio Express-News, was not public.

Tracy Idell Hamilton covers business, labor and the economy for the San Antonio Report.