The final stage of demolition started last week on the four-storey, concrete hospitality complex.
Work is scheduled to be completed by the end of March. Construction company Calder Stewart Ltd bought the site for $3.5 million from the Dunedin City Council last June, half the $7 million the council paid the Otago Rugby Football Union for the ground in 2009.
A fundraising project by Dunedin Rotary clubs, the Carisbrook Rotary Project, raised $200,000 through the sale of stadium turf, seating, signage and other memorabilia, Carisbrook Rotary Project committee member Lindsay Thorburn said yesterday.
The remaining rubble would be crushed into aggregate for future developments and the vacant site fenced off, Southern Demolition owner Alan Edge said.
The only reminder of the site's former sporting career will be the historic brick Neville St turnstile building, which is to be incorporated into a pocket park, as part of the redevelopment.
