The Donald Trump-owned Trump International Hotel & Tower Washington is being eyed for a $600 million revamp.
The project would see the tower transformed into an office and retail space.
According to The Washington Post, the project would be the first such project to be financed through private financing.
A developer’s site would be selected based on the height and location of the building, with an estimate of construction costs expected to range from $1 billion to $3 billion.
According in the project’s application to the federal government, the developer would also build “a Trump-branded luxury hotel and retail complex.”
The developer, called Trump Organization International, plans to start construction in 2017.
The site of the hotel is currently occupied by a former state Capitol building.
Trump’s business empire has been steadily expanding since becoming the presumptive Republican nominee in 2016.
The Trump Organization has developed properties in the past in Atlantic City, the Bahamas, Dubai, Panama City, Dubai and elsewhere.
The billionaire’s company has also made investments in other properties, including in the Philadelphia Eagles, Washington Nationals, New York Yankees, Philadelphia Phillies and Philadelphia 76ers.
His son Eric Trump, Jr. has also been involved in the Trump Organization, though his father was born in Slovenia.