Minneapolis-based developer Ryan Cos. obtained a building permit on July 1 for its planned six-story, 262K SF building that would include multifamily units and restaurant space, the Austin Business Journal reported. Ryan Cos. is awaiting approval for a demolition permit, and construction could begin later this year, according to ABJ. The redevelopment would occur on a full block between Fifth and Sixth streets known as Grant Plaza and would replace three existing commercial buildings. It’s unclear if the existing buildings at Grant Plaza have any office tenants, according to ABJ. The Grant Plaza redevelopment comes as Austin’s multifamily supply pressures start to ease and rents start to rise, CRE Daily reported.