Park Towers were developed as a luxury residence.

For George Klein, Park Tower's owner, success will be bittersweet.

Park Towers I is a condominium development, 24 stories high and completed in 1991.

George Klein, a principal in Park Tower, said he hoped to start building the first of four towers in three to five years.

At the earliest, Park Tower might start construction in 12 months.

Substantial additions were made to the property transforming it into a full-scale convention hotel, including the 1964 addition known as the Park Tower.

During this period the Park Tower (opened in 1973) was the city's only substantial skyscraper (460 feet/36 stories) constructed until the building boom of the 1980s.

Park Tower is the "Telco-Hotel" for the region, with a major telephony and internet presence.

During that year the face rates at Park Towers was about $21 to $24 per square foot.

Veronica Hackett, executive vice president of Park Towers, said "we will move quickly" on the project.