Construction of Red Bull stadium set to begin

Red Bull New York took a step closer to construction of their new soccer specific stadium in Harrison, NJ, after the sale $39.4 million in revenue bonds was completed.

The bonds will finance land acquisition and allow managing partner AEG to proceed with construction on the brand new soccer specific Red Bull Park, which will be built in Harrison, New Jersey. The team currently calls Giants Stadium in East Rutherford, New Jersey its home.

“All the hard work put forth to get this project to this point was and continues to be as a result of the tremendous efforts by a group of dedicated and visionary people who just won’t give up. We are almost to the finish line and expect to announce a groundbreaking date soon,” AEG New York president Nick Sakiewicz said.

The new soccer specific venue is expected to open in 2008 and will play host to Major League Soccer games as well as international soccer matches. Concerts and other competitions are also expected to take place at the new venue as well.

“This brings our fans, coaches and players one step closer to finally getting a first-class facility to call their own,” Red Bulls managing director Marc de Grandpre said.

AEG and Red Bull Company Limited, the owner of Red Bull New York, are partners in the stadium’s development.

The bond sale was coordinated by the Hudson County Improvement Authority and included more than $30.5 million in tax-exempt bonds and more than $8.8 million in taxable bonds.

AEG owns and controls a number of teams and venues, including The Home Depot Center, home of the Los Angeles Galaxy.