von Neumann algebras have the nice property that they are generated by their projections (the elements satisfying $e = e^{\ast} = e^2$) in the sense that they are the norm closure of the subspace generated by projections. This is a sensible property to require from the perspective of "noncommutative measure theory" where one thinks of von Neumann algebras as generalizations of algebras of the form $L^{\infty}(X)$ ($X$ a $\sigma$-finite measure space); here the projections are the indicator functions of measurable subsets of $X$ (modulo sets of measure zero) and the subspace generated by the projections are the simple functions.
Does this property characterize von Neumann algebras among $C^{\ast}$-algebras?
No. Consider the commutative C* algebra $c$ of convergent sequences of complex numbers (with pointwise multiplication), corresponding to $C(X)$ where $X$ consists of a convergent sequence and its limit. It is also the norm closure of the span of its projections (which are the sequences of $0$'s and $1$'s that are eventually $0$ or $1$), but it is not a von Neumann algebra: the weak closure is $\ell^\infty$.
More generally, IIRC, $C(X)$ is the norm closure of the span of its projections iff $X$ is totally disconnected, but in order for it to be a von Neumann algebra $X$ must be extremally disconnected.