The multi-granular switching concept defined in Generalized Multiprotocol Label Switching (GMPLS) is expected to be a future-proof solution for mitigating the Optical Crossconnet scalability problems associated with the skyrocketing growth of traffic in optical transport networks. In this paper, we address the problem of planning the GMPLSbased (or multi-granular) transport network with color (or label) conversion and signal regeneration capabilities. The objective of the problem is to minimize the total weighted port count in the transport network. The novelty of this problem lies in the incorporation of the following for the first time: (1) considering all traffic granularities defined in GMPLS; (2) allowing wavelength, waveband, and fiber conversions; (3) considering the optical-reach limitation of optical signals; and (4) customizing the optical reach of alloptical paths. Due to the computational complexity of the problem, we propose various efficient heuristics that are capable of solving large-sized problems in a reasonable amount of time. In order to achieve the best possible solution to the planning problem, a comprehensive evaluation of different heuristic variations through illustrative examples and simulations is conducted. The results also provide valuable insights into many issues that can contribute to further research and development in this area.