If you are not using plugin, and If you refresh the MS CRM Webreference then you will get EntityName.project.ToString()
or otherwise you can use this.
projectEntity.Name = "project"; // it is just a string
please the above is the schema name of your entity
so it could be new_project (just make sure the schema name is correct) but defnitately it will not be project.
so your code will look like this (where new_project could be the schema name of your entity).
projectEntity.Name = "new_project";