Corcoran Gallery Board Votes to Consider a New Home Struggling with continuing deficits and a change in leadership in recent years, the Corcoran Gallery of Art's Board of Trustees voted on Monday to explore leaving its imposing Beaux-Arts building at 17th Street and New York Avenue NW in Washington. "Just as the Corcoran moved in 1897 to accommodate its growing collection, one of the clear options now is to consider relocating to a purpose-built, technologically advanced facility that is cost-effect to maintain," read a statement signed by Fred Bollerer, the Corcoran's director and chief executive officer, and Harry Hopper, chairman of the board. They added: "our needs are made especially challenging by the high operating costs of a building that is beautiful but antiquated." The building requires at least $100 million in renovations, the two men stated, noting that it would be difficult to accomplish their goal of better integrating the gallery and the Corcoran's College of Art + Design in the current setting. Kristin Guiter, Vice President of Communications and Marketing, said in an email that the museum was expecting to have a $7.2 million deficit for the current fiscal year, which ends June 30th. The gallery, which is privately funded with support from private individuals and foundations, has suffered from the economic downturn, running deficits for the past few years. Last year, the Corcoran hired the museum consultant Lord Cultural Resources to help it get on a more secure financial footing. It recently leased an adjacent parking lot for about $1 million a year to a local real estate developer. It also sold a building in southwest Washington where it once planned to relocate the College of Art + Design. Washington City Paper reported earlier on Monday that the board was considering a move. The statement said that the museum was undertaking an exhaustive review of its options and invited the public to send comments to feedback@corcoran.org.