The sale clears the way for entertainment conglomerate AEG,which owns the team, and Red Bull, the Austrian beverage companythat bought the naming rights to the team and the stadium, to startconstruction. Ground is expected to be broken in September, withcompletion slated for 2008. As reported by GlobeSt.com, the stadiumhas been in the works for several years, but has been delayed byfunding issues. Total cost of the stadium has been estimated in the$100 million range.

The stadium is part of a larger multi-billion-dollarredevelopment of former industrial land along the Passaic Riveropposite downtown Newark, being done by the Bedminster, NJ-basedAdvance Realty Group. Called Harrison MetroCentre, the projectinvolves several mid- and high-rise office towers, 3,500residential units, 300,000 sf of retail space and 10,000 deckedparking spaces to be built out in multiple phases.

"This bond sale, and the subsequent construction start-up,continues the positive forward momentum of the Harrison MetroCentreproject," says Peter B. Higgins, chairman of the HarrisonRedevelopment Authority. "When completed, it will be a city withina city. It's exciting."