USF agrees to buy 3.7 acres near St. Pete campus from Poynter

The University of South Florida System announced it is exploring buying property adjacent to its St. Petersburg campus.

The USF System has signed a non-binding letter of intent with the Poynter Institute for Media Studies to buy 3.7 acres of vacant land from Poynter for $6.2 million.

The land fronts Fourth Street and adjoins the Kate Tiedemann School of Business, which held its groundbreaking last month.

The agreement must still be approved by various groups, including the university's Board of Trustees.

In a statement, USF wrote: “We are currently conducting due diligence on the land. Since a finalized agreement has not been reached, it would be premature to discuss long-term goals for the property.”

Poynter President Tim Franklin says if the sale is completed the institute would use the proceeds for its efforts in digital journalism and teaching.