The historic mill pond in Mill Pond Park has been a prominent feature in the Village since 1838, when Garrett Vliet constructed a saw mill and dam near the present Lepper Dam. Three dams have been constructed on the site of the Vliet dam, and the present Lepper Dam was reconstructed in 1954. The mill pond is surrounded by two of the Village's oldest residential neighborhoods. Water Street, on the east side of the Mill Pond, was constructed in 1843 and is the oldest residential street in Menomonee Falls. The Water Street neighborhood contains the largest concentration of pre-Civil War houses in the Village. The Grand Avenue neighborhood on the west side of the Mill Pond was developed around 1886 as the first subdivision of the original Village plat. Reflecting the prosperity of the late 19th century and early 20th century, Grand Avenue was a prestigious address for Village merchants and professionals and was noted for its large homes and spacious landscaped lots.