Your project title should instantly tell people what your project is about. Try and make it distinctive, and include a place name so it's clear where your project is located.
Choosing the right project name is one of the first questions you are asked on Spacehive, and it's also one of the most important! It's the first thing that potential backers will see when they land on your page, and it's what you will say when you introduce it to people. So it's pretty crucial that it does an effective job of communicating your project, namely what it is and where it is. You don't need to do more than that really.
The first objective for your title is to be distinctive. Avoid generic vocabulary or words which are open to interpretation. It should be 100% clear from your title what your project is about. If there is a call to action, or a verb which explains what the project will do, then include that, e.g. Save, Renovate, Expand, Grow.
The objective is to indicate its location. Not all projects do this, but the ones that do are at a huge advantage. Most people who back projects live within 1 mile of them, so immediately recognising that a project is local from the title will draw people in. You don't need to be so specific (i.e. the road name) but if you can include the general area in which the project is based, you're onto a winner.
Keep refining and playing around with it until you land on the title which you believe fulfils these two objectives. If in doubt, send your proposed title to 5 friends and ask them if it makes sense.
Remember you can change your title during the Create stage at any time.