Yeah, I figured it meant something important. And took it as a good sign for the project's development. Now I have a better idea what it is, so thanks for that! /bowsIt means the building permit has been applied for;
It's currently under review; assuming no unusual problems, a permit will likely be issued in the not too distant future, clearing the way for construction once the current demolition is complete.
However, the permit hasn't yet been issued, so the permission in place only covers demolition.
Permits for Mechanical and Plumbing have also been filed and under review; though their issuance is not a near-term concern.