Incorrect path in .project file

I have a reference to an incorrect path in my .project file. The path specified was valid when the project was created, but the project has since been renamed, and the location no longer exists.

I can’t find an option anywhere in the GUI that is pointing to this location, so I don’t know how to correct the reference. This value appears to be used by M2M, because whenever I switch build targets, the path is updated to point to the expected sub-folder (but still in the wrong location).

Here is a trimmed version of the .project file. The invalid path is indicated with <OLD_PROJECT_NAME>.

<?xml version="1.0" encoding="UTF-8"?>
<projectDescription>
	...
	<buildSpec>
		...
		<buildCommand>
			<name>org.eclipse.cdt.managedbuilder.core.genmakebuilder</name>
			<arguments>
				...
				<dictionary>
					<key>org.eclipse.cdt.make.core.buildLocation</key>
					<value>${workspace_loc:/<OLD_PROJECT_NAME>/[Target]_ARM_ELF_GCC_Debug}</value>
				</dictionary>
				...
			</arguments>
		</buildCommand>
		...
	</buildSpec>
	...
</projectDescription>

Eclipse CDT has clearly issues regarding projects renaming
(e.g. cf https://bugs.eclipse.org/bugs/show_bug.cgi?id=289704)

While waiting they update the behavior, you can safely update the .project content with the new name (as soon as M2M Studio is closed, or at least the project itself is closed)