More details regarding the new Star Wars land's back story were announced at the 5/27/18 Galactic Nights event at Disney's Hollywood Studios:

Quote Originally Posted by Disney Parks & Resorts

For those of you who attended one of tonight’s panel discussions at Star Wars: Galactic Nights at Disney’s Hollywood Studios, you were among the first to hear some exciting news about Star Wars: Galaxy’s Edge. Our story editor, Margaret Kerrison, shared for the first time that the name of the village is called Black Spire Outpost. She also shared some of the history behind the name and how this village is closely associated with the geological formations that surround it.

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The largest settlement on the planet Batuu, Black Spire Outpost is an infamous stop for traders, adventurers, and smugglers traveling around the Outer Rim and Wild Space. Off the beaten path, this outpost has become a haven for the galaxy’s most colorful — and notorious — characters. Widely known for the petrified remains of its once towering ancient trees, the spires now stand guard across the river valleys and plains and have long captured the imagination of travelers to this planet. To the first settlers, these petrified spires became more than just landmarks; they became the heart of the outpost itself.

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