Plans to convert a majority of the Waldorf Astoria’s 1,400 rooms into condos would shut down the hotel for as long as three years.

The condo conversion plan surfaced earlier this month, and work is set to start in the spring, according to the Wall Street Journal. The extensive repositioning will take the room count at the hotel down to between 300 and 500.

A law passed last year by the City Council prohibits hotels with over 150 units from converting more than 20% of any property into residential use unless the plans go through a public review process.

That bill specifically exempted The Waldorf. Hilton Worldwide, which owner Anbang Insurance will keep on board to operate the hotel, arrived at an agreement with the Hotel and Motel Trade Council for severance packages for workers soon after the bill passed.

The redevelopment is projected to cost around $1B, on top of the $1.95B Anbang paid to acquire the property in early 2015. [WSJ]