Keystone Towers too risky for investors, ex-manager says

A former manager of the Keystone Towers will be watching the implosion of the structure this Sunday with mixed feelings.

Susan Krauss was employed as a manager for the property in 1998. She said she was brought in by an investor group out of Florida that wanted to renovate the structure. But, she said, the group ran out of money.

The building had enviable features, including two luxury two-story penthouses, one of which featured a hot tub in the middle of a living room, along with an underground parking garage. But far more was wrong with the buildings than was right, Krauss said.

"The Keystone Towers didn't have central air, " she said. "It might have taken well over $10 million just to make that upgrade, and investors couldn't take the risk."

The location turned out to be flawed as well. Highrises began to be built in the downtown area. The area around the towers, at Binford Boulevard and 44th Street, turned out to be a no man's land for real estate development.

Krauss said there are a number of apartment buildings in that area, and she suspects the property may be redeveloped for commercial use at a later date.

Roads in the area will be closed Sunday morning , and the public will be allowed to view the implosion from certain locations . The best view will be on 24-Hour News 8's Daybreak Sunday, or at wishtv.com.