Recently the downtown area known as Gaslight Village has been the focus of major reconstruction. A local developer (Jade Pig) completed a new retail center as part of a $50 million project, which also will include offices and multi-floor condominium buildings spread over a tract. In 2006 the City of East Grand Rapids performed a $3 million refurbishing of Wealthy Street with new paving, lighting and decorative features. A new 27,700 ft2 (2573.41 m2) library was opened in August 2006 at the site of the previous library on Reeds Lake next to the Grand Rapids Yacht Club.