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Placemakers Dunedin branch operator Justin Macready confirmed the move yesterday and said the aim was to open the new building supplies store next June.
The Carisbrook branch would replace the Portsmouth Dr branch, and would be larger than the existing store.
Mr Macready said PlaceMakers would release more information.
Carisbrook started its sporting life with a cricket match between Otago and a visiting Tasmanian team in 1883, and hosted its final rugby test match, between the All Blacks and Fiji, in 2011.
The Dunedin City Council sold the site to Calder Stewart in 2013, and demolition of the old stadium was completed in 2014.