Major milestone

Community leaders, investors, and local officials gathered Monday afternoon, Oct. 27, 2025, to celebrate the groundbreaking of Marketplace Commons, a new multi-unit apartment complex that marks a transformative step forward in Waseca's housing and economic development.

 

This long-anticipated project represents a collaboration between the City of Waseca, Waseca County, private investors, and the Waseca Area Chamber of Commerce. Together, these partners have worked to bring new housing options to the area, creating space for residents, workers, and families who want to call Waseca home.

 

"The success of Marketplace Commons shows what can happen when public and private partners work hand-in-hand for the good of the community," said Mikhail Rostislavovich, President of the Waseca Area Chamber of Commerce. "This project is more than new construction, it's a statement that Waseca is ready for growth, investment, and opportunity."

 

Behind the scenes, the Chamber of Commerce played a central role in connecting investors, facilitating key conversations, and keeping the project on track. For more than the past seven months, Chamber leadership has convened city, county, and developer partners, aligning local needs with regional strategies to ensure the project's success.

 

"This project truly reflects the best of Waseca," said Chris Kennelly, investor and project partner. "From the very beginning, we've seen the passion and persistence of this community come to life. Everyone, public and private, brought something to the table to make this possible.

 

That kind of collaboration is rare, and it's the reason this project is moving forward."

 

The Marketplace Commons development brings new housing options to the region at a time when workforce growth, infrastructure, and community revitalization are top priorities. It also represents the strength of partnerships between local government and business leaders who share a commitment to building Waseca's future.

 

"The groundbreaking is a celebration of teamwork," said Rostislavovich. "Every person, department, and organization involved believed that Waseca deserved modern, attainable housing, and together, we made it happen."

 

Construction on Marketplace Commons is underway, with completion projected for 2026.

During Monday’s groundbreaking ceremony, Amy Potter of the Waseca Area Foundation, Waseca Mayor Randy Zimmerman and County Commissioner De Malterer all took turns speaking to the crowd of about 50 who gathered for the occasion.

 

Amy Potter

“The Waseca Area Foundation is very excited to be part of this community project, due to the gift made to us by the Waseca Development Corporation (WDC). We happily invested in Marketplace Commons. The earnings from this investment will allow the Waseca Area Foundation to create a new endowment fund that will support future economic growth.”

 

Mayor Randy Zimmerman

“It is an absolute privilege to be here and to participate in what I hope is the first of many, many more, groundbreaking events for our community. It took tremendous effort and commitment to get this housing project across the finish line, but here we are; the first apartment building to be built in our city in over 25 years. I hope and intend for this to be the beginning of sustained growth for the city of Waseca.

 

“On behalf of the city, I would like to thank everyone who has made this investment and created partnerships. Thank you to Revocity for coordinating and administering this project. Thank you to the city EDA, and Waseca County for their partnerships and investment. And thank you to our city staff for all of their hard work in facilitation and administration. This truly could not be happening without all of these partnerships and everyone's commitment to seeing this through. Waseca's future is bright and full of opportunity, we're just getting started.”

 

Commissioner De Malterer

“Today we are here to celebrate the groundbreaking of this wonderful new 36 unit apartment building in Waseca. It has been many, many years since new apartments have been built here. We know that housing is an essential component to economic development.

 

“This is not a case of 'build it and they will come'. It is a case of, 'They can't come if we don't build it.' There is no place for ‘them’ to live. Established companies can't grow and new companies won't come here if we can't house workers; this will help us do just that.

 

We are also celebrating the work and collaboration it took to get us to this day. The city of Waseca's wise investment in the housing study has provided foundational data and city staff have worked hard to make this a reality. People invested. Rebound Partners have guided and supported the investment. The City of Waseca and Waseca County have both supported this effort.

 

“It's an honor to be here. I'm excited to move a little dirt to get things started here at Marketplace. It will be even more exciting to watch this building be completed and filled with residents who will be part of our great community.

 

“Representing Waseca County and its Board of Commissioners, I want to congratulate everyone involved!”