NEW YORK (CBSNewYork) — Times Square is set for a $40 million makeover, and Mayor Michael Bloomberg unveiled the first phase of the project on Monday.

But as CBS 2’s Janelle Burrell reported, not everyone is thrilled about the timing.

The three-year makeover is being undertaken an effort to make the area more pedestrian friendly. It comes just eight days before the big New Year’s Eve ball drop in Times Square – and Mayor Bloomberg’s last day in office.

Bloomberg and the Times Square Alliance celebrated phase one of the redesign, which includes a stretch along 42nd Street and Broadway that is now topped with new concrete pavers.

“More than 400,000 pedestrians pass through Times Square every day and with the improvements we’ve made to this plaza’s infrastructure, lighting and broadcasting connections, it can host more public events like this one,” Bloomberg said.