The Dallas Mavericks announced on Monday that they have eyed 104 acres of land in North Texas for their new arena after months of speculation over whether the N.B.A. team would stay downtown.

The announcement comes amid fierce debate over the future of Dallas City Hall, an aging building in downtown Dallas that was designed by the famed architect I.M. Pei.

In recent City Hall meetings, preservationists argued that a building designed by Mr. Pei, who also designed the Louvre pyramid in Paris, should be maintained. Developers and others, however, were interested in the prospect of a project in the area where City Hall rests, on the south side of downtown Dallas, which is teeming with new construction.

The Mavericks signed option agreements that will give the team the opportunity to buy about 104 acres on the former site of Valley View Mall, which was demolished in 2023. The land, 11 miles north of the team’s current arena, is near two major thoroughfares, Interstate 635 to the south, and the Dallas North Tollway to the west. Another mall, the Galleria Dallas, is nearby.

Public buses serve the area around the former mall, but it is not accessible by Dallas Area Rapid Transit light rail, which fans can take to the team’s current arena, the American Airlines Center, and other parts of downtown. The Mavericks’ lease at the arena ends in 2031.

“The Valley View site meets most of the criteria established at the outset of our evaluation process,” the Mavericks said in a statement. “It is our goal to stay in the City of Dallas, and we believe this site provides the strongest opportunity to achieve that goal.”

The Mavericks said the purchase gives them the opportunity to build a mixed-use development, anchored by a new area.

“Done thoughtfully and with community engagement, a project of this scale will serve as a meaningful economic catalyst for Dallas and its residents,” the Mavericks said.

It was unclear what this decision could mean for the future of City Hall. A report released this year suggested it could cost roughly $1 billion over 20 years to adequately repair the building.

Last month, the City Council was briefed on a report that detailed what it would take to repair the building over 10 years. The Council was expected to receive another briefing this week with updates on what it would cost to repair the building.

Sarah Crain, the executive director of Preservation Dallas, a local nonprofit, who has advocated saving Dallas City Hall, said she welcomed the news that the Mavericks had shifted to a different location.

“Now, Dallas City Council, with no more obstacles in their way to the repair discussion, have no other choice but to commit to the repairs of Dallas City Hall,” she said. “I’m looking forward to them making the commitment to steward Dallas City Hall to the next generation.”

Paul Ridley, a councilman who has also advocated saving City Hall, called the potential arena location a “great decision.”

“It allows them to have the certainty of being able to launch their design and ultimate construction immediately, rather than wait through the controversy of demolishing City Hall to make room for their development site,” he said. “I think it just makes a lot of business sense.”

The Mavericks have played in downtown Dallas since their inaugural season, in 1980. They first played at Reunion Arena, on the southwest side of downtown, until 2001, when the team moved to the American Airlines Center, which the team shares with the Dallas Stars, the city’s N.H.L. team.

Speculation over where the Mavericks will move had raised concerns that the team could leave Dallas altogether, favoring a nearby suburb instead. The Dallas Cowboys used to play at the Cotton Bowl in Dallas until the team moved to Irving and then later Arlington. F.C. Dallas, the region’s Major League Soccer team, also used to play at the Cotton Bowl until the team moved to a stadium in Frisco, about 30 miles north of Dallas.

“We believe in Dallas,” the Mavericks said, “and our priority has been clear from the beginning: keeping the Dallas Mavericks in Dallas.”