A major redevelopment of downtown Austin’s Grant Plaza is one step closer to moving forward now that the developer has secured a building permit for a mixed-use project on the site.

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. The new Grant Building would include more than 230 residential units, 13K SF of amenity and leasing space, and more than 9K SF of restaurant space on the ground floor, ABJ reported.

The project’s site plan was approved in June 2025. It’s unclear if the existing buildings at Grant Plaza have any office tenants, according to ABJ.

While Ryan Cos. leads the Grant Building development, Dallas-based firm Stream Realty Partners will redevelop East Sixth Street’s infamous strip of bars into a more “family friendly” area featuring shops, restaurants and live music, ABJ reported. The company acquired dozens of buildings there in 2020 and plans to open at least three restaurants by the end of next year.

The Grant Plaza redevelopment comes as Austin’s multifamily supply pressures start to ease and rents start to rise, CRE Daily reported. The city’s apartment supply has increased by nearly 97,000 units since 2020, and those new units make up nearly 40% of the city’s inventory, according to RealPage Analytics. Multifamily rents increased 1.3% in the second quarter, the first time rents have grown since the fall of 2022.