The Conservancy was founded by a group of dedicated citizens interested in developing a new urban park for San Antonio and the surrounding community. In May 2006, the Friends of Voelcker Park was established to organize individuals interested in the city's purchase of the Voelcker property to form a city park.

In September 2006, the first 107 acres was purchased for over $16 million and added to the city’s park inventory. In May 2007, the citizens of San Antonio passed a bond package including $32 million for the acquisition of the remaining 204 acres of the property.

In December 2009, the park property was named Phil Hardberger Park. The Phil Hardberger Park Conservancy has been established as a 501(c)3 nonprofit organization dedicated to turning the acreage into a premier urban park. Structurally, the Conservancy has 20 board members. The Conservancy is involved with all aspects of the park from planning activities to fundraising.