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It once hosted cricket and rugby teams and thousands of supporters, but Carisbrook is now taking shape as the new home of three divisions of the Fletcher Building Group.
Walls and a roof have recently sprouted on the South Dunedin building site.
The stadium was demolished and the site cleared in 2013, but earthworks on the new site for Fletcher Building did not begin until last year.
In March it was announced three divisions of Fletcher Building - Fletcher Reinforcing, Easysteel and Dimond - would be relocated to a warehouse and office development at Carisbrook.
The companies are offshoots of Fletcher-owned Steel Distribution, which at present employs 30 staff across two premises.
The new premises will bring the companies' existing Dunedin operations together in the one building.
Fletcher Building steel distribution general manager Hamish McBeath said the building was scheduled for completion in the first half of next year.
"Erection of steel portals for the 3800sq m factory is well under way, with the office area now closed in and glazing and roofing complete in that area,'' he said.
"Across the wider factory, cladding and roofing of the building, pouring of the concrete factory floor and construction of yard and car parking area are still to come.
"After the building is finished, we will relocate machinery and product.''
The investment in the Carisbrook site demonstrated Fletcher Building's long-term commitment to Otago and showed the high levels of construction work throughout the region, Mr McBeath said.
- By Mike Houlahan