The Book of Mormon introduces the parable with the words “and then” in place of the KJV “now.” This modification identifies the time period of chapter 5 as the same period spoken of in chapters 2 and 4, the last days. However, the parable is a general description of the house of Israel and the house of Judah, the causes of their captivity, and why the Lord is angry with them. What the Lord will do to correct their situation will happen in the last days.
The tower built in the midst of the vineyard could have been the temple built by Solomon. This inference is drawn from the latter-day parable concerning another tower (temple) that is to be built upon a “very choice piece of land” (Jackson County, Missouri), but has not yet been built (see D&C 101:43–62).