Work has begun on what is said to be Bristol's biggest regeneration project since the end of World War II.
Two major roads will have to be re-routed as part of the plan
The £500m scheme includes a new city quarter, shops, restaurants and more than 200 new homes.
The work, due to be completed in 2008, will involve the re-routing of Bond Street and Newfoundland Road.
The developers, Bristol Alliance, are aiming for a more cosmopolitan look to the centre, and plan to rename the Broadmead area Merchants' Quarter.
Project Director, Philip Vaughan said: "The new city quarter that we are creating will combine Bristol's rich trading heritage with forward-looking retail opportunities.
"It is essential that the name and brand identity reflect this."
"We were looking for an evocative name that creates a strong sense of identity - appealing not only to existing customers but also to visitors from outside the city."
It is proposed that the Merchants' Quarter name will encompass the whole shopping area, including existing Broadmead and Quakers Friars.
Historic names are also being considered for the three new streets that will be created, many of which have been suggested by local people.
City council leader, Councillor Barbara Janke, said: "People in Bristol have been waiting a long time for this development.
"It is great news that we are now able to get on with the job of providing the city with the high quality shopping facilities it both needs and deserves."