Near a rebuilt stadium (5)
I believe the answer is:
'stadium' is the definition.
(eg a sports arena)
'near a rebuilt' is the wordplay.
'rebuilt' indicates anagramming the letters.
'neara' is an anagram of 'ARENA'.
(Other definitions for arena that I've seen before include "Sporting venue enclosed by seats" , "Circus ring" , "Place of combat" , "... might perform here" , "Auditorium" .)