Marketplace property project moves forward

The Marketplace property, a long-anticipated development site in Waseca, has reached several major milestones and is now officially moving forward under the direction of Rebound Partners, a developer known for revitalizing communities through thoughtful, community-centered projects, along with the Waseca Real Estate Fund. The 36-unit apartment building will be the first new apartment building in Waseca in almost 30 years. The Waseca City Council has formally approved the sale of the property to Rebound Par, signaling a major turning point for the site. In addition, the establishment of a Tax Increment Financing (TIF) district has been approved, allowing for key infrastructure improvements and financial feasibility. The Waseca Economic Development Authority (EDA) has also unanimously approved a forgivable loan to support the project’s launch and long-term impact. Waseca County has pledged funds towards the project as well from the Local Housing Trust Fund. Chris Kennelly of Rebound Partners states his enthusiasm and gratitude for the community “We are thrilled to be moving forward on the Marketplace apartments. We look forward to building in Waseca and furthering the growth of the community. We are thankful for the leadership and support from the City of Waseca, County of Waseca, Waseca Chamber of Commerce, and our community investors to make this project a reality.”

 

From planning to community engagement, it’s been clear that there is wide civic and community support for breathing new life into the Marketplace site. City Manager Carl Sonnenberg, pleased with the progress, stated “Marketplace LLC representatives are diligently working to help move Waseca forward. Their collective investment strategy is focused on the goal of bringing sorely needed new apartments to our community.” County Commissioner De Malterer brimmed with anticipation as she spoke about the project, “I am so excited to see all the work and collaboration done on the Marketplace project coming to fruition! Housing is always an essential step in economic development so this project isn’t just great for the people who will live there but essential for a thriving economy in the City and County of Waseca.”

 

“The Chamber has been a true spark for this project. Without their network of communication and power of convention, I don’t believe this development would be where it is today,” said Ann Staloch, President of the Waseca EDA. Community-focused Chamber President Mikhail Rostislavovich reflected, “The revitalization of the Marketplace property is not merely a real estate transaction; it is a deliberate act of economic composition. With strategic alignment between public investment and private vision, we are transforming a dormant space into a dynamic anchor for growth. This is what it looks like when a community decides to rise.”

 

The Marketplace redevelopment has long been seen as a catalyst for local growth, with the potential to bring new housing, retail, and lifestyle opportunities to the heart of Waseca. The strong momentum and shared vision between Rebound Partners, the Waseca Area Chamber of Commerce, the City of Waseca, Waseca County, and community stakeholders marks a new chapter for the city.

 

Final plans and a project timeline will be released in the coming months as Rebound Partners begins formal development work.