Montreal Mayor Gerald Tremblay has said the city will not rename a street after late Quebec premier Robert Bourassa, after facing protests by residents.

"My intention, as well as that of my caucus and the family and friends of Mr. Robert Bourassa, was solely to honour his memory, and never to generate any controversy," Tremblay told a press conference on Tuesday.

Bourassa, who was premier between 1970 and 1976 -- and again between 1985 and 1994 -- already has a thoroughfare named after him in Quebec City.

But residents living near Montreal's Park Avenue said the name-change would negatively affect its multi-ethnic identity.

Leading the charge against the renaming was the Park Avenue Merchants Association.

"We are incredibly happy that the mayor finally saw the light," said spokesperson Chris Karidogiannis.

"We've saved our street. It took four and a half months and thousands of dollars, but this is a great victory for the people of Montreal."

He added: "We're willing to work to find a lasting solution to honour Robert Bourassa, but right now we want to celebrate."

A petition not to change Park Avenue to Robert Bourassa Avenue garnered thousands of signatures.

Tremblay has vowed to find another way to to honour Bourassa, his late boss and friend.

With a report by CTV Montreal's Rob Lurie and files from The Canadian Press