WASHINGTON (AP) -- The privately held Corcoran Gallery of Art across the street from the White House is set to be taken over by George Washington University and the National Gallery of Art.
The three institutions announced the partnership Tuesday. The proposed deal would have GWU take ownership of the Corcoran building and operate the Corcoran College of Art and Design. The National Gallery would organize and present exhibitions in the building and take responsibility for the Corcoran's collection.
The board of trustees overseeing the Corcoran had considered selling the landmark Beaux-Arts building, which needs a $130 million renovation. GWU would be responsible for renovating the building, but has not committed to spending that much.
The Corcoran was founded in 1869 with a mission of dedication to art and "encouraging American genius."
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