Waterville Commons is the newest shopping center in Waterville. Unlike other centers in town, it’s not an old style shopping plaza. It’s a scaled-down version of the Augusta Marketplace: free-standing chain stores connected with roads and parking lots.

Phase one of the project included the construction of a Home Depot, Staples and a Ruby Tuesday restaurant. A large parcel remained undeveloped but a large parking lot was built. It became obvious that this parcel was prepared to welcome a new Walmart Supercenter. Back then, the existing Waterville Walmart was located at Exit 127 further south. In April 2004, Walmart Supercenter coming soon signs were installed. Work started then and the store finally opened in 2005.

The latest addition to the Commons is a block of small stores located behind Ruby Tuesday. It became home to Quizno's, Starbucks, Supercuts, GameStop, U.S.Cellular, Payless Shoesource, Rent-A-Center, UPS Store and Citi Financial. The original plans of the Waterville Commons were showing another large expansion behind Walmart and the Elm Plaza. Construction of this phase has never been started.