WASHINGTON -- One of the oldest places in Washington got a new name on Tuesday.

The fast-redeveloping Southeast Waterfront next to the Navy Yard and near the new baseball stadium is being turned into new offices, condos and shops. But, the area will now be called "The Yards," in honor of its nautical history.

"I think it captures part of the Washington history and embraces the past and heralds the new," said Ernie Jarvis, of the C.B. Richard Ellis Company.

At a party to celebrate the new name, developers joined with new Nationals owner Mark Lerner.

But, some questioned whether the new name would be confused with Baltimore's Camden Yards. D.C. Mayor Anthony Williams said developers got it right.

"You know you have the birthplace of the United States Navy is right on this site. So, if anyone is entitled to use a nautical expression, I think they are," said Williams.

"I think it's exciting. It gives it a destination. It takes away a little bit from it -- being a federal entity, but also preserves some of the background at the history here," said Barbara Lang, of the Chamber of Commerce.

The Yards is just one scene representing massive redevelopment of many Washington neighborhoods - developments that are not just planned but are being built in many parts of the city.

Other new names for city neighborhoods include Penn Quarter at Pennsylvania and 7th Street; The NoMa neighborhoods, which are north of Massachusetts Avenue; and Soflo, which is south of Florida Avenue.

"The District is experiencing a renaissance, sort of unlike anything -- not only in its own history, but in the history of all comparable cities right now in the United States," said Steve Moore, of the Washington DC Economic Partnership. "It's neighborhood by neighborhood. It's citywide, and it's across all sectors.