The fearless three-time World Champion sadly passed away in May 2019, leaving a huge void in the world of Formula 1 that will never be filled.
His passing was felt the most at Mercedes, where he played an instrumental role in helping the Silver Arrows create an environment for unprecedented success.
To further commemorate him, Mercedes have renamed the road, previously known as Reynard Park after the former owner of the site, Adrian Reynard.
But, with Mercedes have completed the purchase of the site in 2021, they sought the approval of Niki's family and the local authorities in order to make this touching tribute a reality.
Mercedes team boss, Toto Wolff, someone who was very close to Lauda, was on hand to unveil the new road sign, complete with Niki's signature red cap, in a small ceremony in front of some of the Mercedes team.
"It's a true honour to unveil Lauda Drive and it was great to see so many team members gather to watch the reveal," Wolff said.
"While our dear friend and colleague Niki wouldn't have wanted us to make a fuss, he would also be proud to have this road named after him.
"It was a privilege for all of us to work alongside him and I was lucky enough to call him one of my best friends.
"He was a massive contributor to our success, a great sparring partner for me and a strong non-executive chairman, who we miss dearly.
"I wish he was still here as my friend and as a chairman, because there would have been many questions I'd have liked to ask him this year.
"His legacy lives on in so many shapes and forms, but to know so many people will pass down Lauda Drive in the years to come is very special."