GW is set to receive $43 million in funds from the Corcoran College of Art + Design to cover building renovations and programming costs, the University announced Wednesday.

About $35 million of that pool will cover renovations to the Corcoran’s aging 17th Street building, while the remaining $8 million will fund the Corcoran School of Art + Design’s operations. The fine arts school officially moved under the Columbian College of Arts and Sciences last month.

The first phase of renovations, which will repair the building’s heating, cooling and mechanical systems is expected to cost $25 million – nearly a third of the total GW plans to spend renovating the building.

GW plans to sell the Fillmore building, the Corcoran’s Georgetown property, at the end of this academic year. Profits from that sale will also go toward the $80 million renovations and the school’s operational costs.

Provost Steven Lerman said in a press release that GW has begun fundraising to support Corcoran renovations and continued programming.

“This is an exciting opportunity for the university to not only preserve the historic legacy of the Corcoran but also enhance and build upon the innovative arts education we provide in the heart of our nation’s capital,” Lerman said in the release.