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R
ising from a once-abandoned hospital site in East Tampa, FL, the newly completed Centro Place Apartments illustrate the strengths of Bank of America’s Community Development Banking group. This restoration opened in 2005 to provide much-needed affordable housing for low- to moderate-income seniors.
Banc of America Community Development Corp. renovated the remains of the historic
Centro Asturiano Hospital, originally built in 1928 to serve the Ybor City section of East
Tampa. Founded in 1886, Ybor City once flourished with world-famous cigar factories and other trades employing Cuban, Italian, Spanish and other immigrants. The
144-bed Centro Asturiano Hospital—where generations of neighborhood residents were born—eventually closed in 1990, becoming a vacant eyesore.
Bank of America served as developer, investor and lender in the redevelopment project, providing more than $14 million through direct capital investment and guarantees. Today, Centro Place stands as a faithful restoration of the historic hospital site. Four new residential buildings reflecting the
design of the original landmark provide 160 units of multifamily apartments. The original hospital building that serves as a clubhouse features a theater, multimedia room, computer center, meeting space, exercise facility and library. Bank of America partnered with The Home Association of Tampa, which guides the center’s programming with their decades-long experience in helping neighborhood seniors. The development is located near public transit, as well as medical and consumer services.
To make Centro Place financially feasible and self-
supporting, a team of associates led a public-private partnership that includes the City of Tampa, Florida Housing Finance Corp., federal agencies and local nonprofit groups.
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Centro Place Apartments residents Myrtle Mitchell,
left, and Joyce Primus tend
geraniums as behind them, from left, Oscar Morales,
Richard Yaderia and Bernard
Silver look on. The Centro Place Apartments in Tampa,
FL, were restored in partnership with Banc of America Community Development Corp.
Since the early 1900s, Bank of America has been a leader and community partner in the development of decent, affordable housing and strong local business economies. The cornerstone of our leadership is a 10-year lending and investment goal of $750 billion that provides more than $205 million every day for community development activities. This goal and similar Bank of America initiatives are the inspiration for an industry-leading array of traditional and innovative financial products, along with the expertise to find answers to the most complex priorities facing our communities. We recognize that creating neighborhood excellence and economic opportunity in low- and moderate-income communities is simply good
business. 
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