Matt Bartle, project manager for the FSIF, said: "I've been very impressed with the stand to date - both in the way it has been designed, and the management of the overall project.
"It is leading the way for the redevelopment of smaller grounds, and moving Rotherham United forward."
The 4,200 all-seater stand could be hosting supporters as early as Christmas.
As well as increasing capacity, the stand will include new club offices, a club shop, banqueting and conference facilities, hopsitality boxes and a educational centre similar to Scunthorpe's Study United centre.