Renaming something so very familiar is an act of government high-handedness, as the New York City example of renaming 6th Avenue "Avenue of the Americas" demonstrates. It's been 60 years, and nobody calls it Avenue of the Americas, and nobody ever will (except for real estate reasons). I'm all for honoring Ronald Reagan, but not this way -- not in a way that would embarrass Reagan himself.
It's seems a little arbitrary, although maybe 16th St. has some Reaganesque symbolism I don't know about. I could still get behind Eno's idea to create a dollar coin with the Gipper's likeness. That would be more fitting.