The University of South Florida is moving ahead with a plan to buy a plot of land from the Poynter Institute in St. Petersburg.

The USF System signed a nonbindingletter of intent to buy 3.7 acres of land owned by Poynter, the journalism education institution that owns the Tampa Bay Times, for $6.2 million. The vacant land is on Fourth Street and next to the USF St. Petersburg’s new Kate Tiedemann School of Business.

Despite the letter of intent, the agreement must be approved by the USF board of trustees and other parties, the Times said. “If this agreement comes to fruition, it would be a win for USF, Poynter and the city of St. Petersburg,” said Poynter President Tim Franklin in a statement. “The university would acquire land to allow expansion, Poynter would have additional funding for efforts in digital journalism and teaching, and the city would add to a robust ‘innovation district’ in this area of downtown.”

USF did not say what its long-term plans for the land would be.