Some people claimed the first suggested name was offensive
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Cabot is to form part of the name for Bristol's new £500m expansion of Broadmead shopping centre.
Some groups had complained the first suggested name, Merchants' Quarter, was offensive because of its connotations with the city's slave trading past.
Bristol Alliance, which is behind the project, put the challenge of finding a new name to the public.
Cabot was the clear front-runner. The next step is to select an appropriate suffix, like Quarter, Court or Square.
John Cabot was a 15th Century Italian explorer, also known as Giovanni Caboto, who moved to England and settled in Bristol, from where he set off on many of his epic voyages.
'Reflecting aspirations'
The new prefix was revealed on Tuesday by local artist Ralph Hoyte, whose work is being exhibited on the Bristol Alliance hoardings around the expansion site.
"Cabot was an explorer who was motivated by an urge to discover 'the new' and to move things on," he said.
"In my response, I have tried to reflect graphically and in words this human aspiration to progress, learn new things, discover new worlds and open up new possibilities."
The announcement follows a month of consultation during which local people were invited to comment on a shortlist of three potential names - Cabot, Great West and All Saints.
Rob Graham, Bristol Alliance marketing manager, said: "Our overall objective has always been to choose a name that reflects the aspirations of all those that live, work and shop in Bristol.
"The combined feedback has demonstrated majority support for Cabot."