Advance officials say the new name better reflects what they plan to create on the 135-acre site along a bend in the river. On tap are upwards of three million square feet of mixed uses, built in phases. The name change is also likely an offshoot of the renaming of the Major League Soccer team that will call the 25,000-seat stadium currently under construction as a centerpiece for the redevelopment. The New York Red Bulls were, until a few years ago, known as the MetroStars.

What's on tap initially is work on site utilities and roadways, expected to be completed by October 2009 when the stadium, now known as Red Bull Arena, is slated to open. The remediation effort included the removal of more than 48,000 cubic yards of contaminated soil, the result of decades of industrial usage of the site.

"Completing such an extensive site remediation really gets the ball rolling toward both horizontal and vertical construction," says Peter J. Cocoziello, president and CEO of Advance Realty. "When it's completed, Riverbend District will be made up of several interconnected neighborhoods. And the location is ideal."