Sir Frank Williams, the former Formula One team manager, is to have a road named after him in south Oxfordshire.
The road will run through Great Western Park, a new development straddling the Didcot and Harwell boundary.
A local resident originally suggested the name for the road, which South Oxfordshire and Vale of White Horse District Councils approved.
"Sir Frank Williams Avenue" is the only road named after a living person in the Vale of White Horse council area.
The new development will contain 3,300 houses by 2026.
In 1977, Sir Frank bought an empty industrial unit in Didcot with engineer Patrick Head and used it to set up Williams Grand Prix Engineering.
The Williams F1 team has competed in more than 500 Grand Prix, achieving 113 wins, nine World Constructors' Championships and seven World Drivers' Championships.
He stepped down as chairman in July 2010.
Sir Frank said: "To have a road named after you is a great honour and not something I ever anticipated when Patrick and I started Williams Grand Prix Engineering over three decades ago.
"We are a team, though, so this is an honour for everyone who has been involved in Williams since our inception."
Ann Ducker, leader of South Oxfordshire District Council, said: "Sir Frank Williams has made an incredible contribution to the area and has helped to cement southern Oxfordshire as a real centre of excellence for motor sport and engineering in general so it is only right that we can honour him in this way."
District councils have responsibility for naming streets as well as installing street name plates.