New Hope is located along the route of the Old York Road, the former main highway between Philadelphia and New York City. It was generally regarded as the halfway point, where travelers would stay overnight and be ferried across the river the next morning. Though this route is largely obsolete, the section of U.S. Route 202 that passes just north of town still bears the name York Road. The original route is now known as Bridge St. (PA 179). During these early days, the town was known as Coryell's Ferry, after the owner of the ferry business. The current name came into use following a large fire in 1790 that burned down several mills in the area—their reconstruction was considered a "new hope" for the area. The night prior to his famous crossing of the Delaware several miles to the south, George Washington is said to have lodged in New Hope. Historic former residents include James A. Michener and Aaron Burr.