This move was the most significant turning point in the development of the Ayala-owned property. Col. Joseph McMicking, the husband of Doña Mercedes de Ayala, who was at the time the major shareholder of the Ayala Corporation, had visualized a future financial, business and commercial center with residential villages occupying periphery of the now vacant Nielson Airport. In the early 1950s, Col. McMicking lured Manila's influential entrepreneurs and business leaders to move their residences to Forbes Park at a land price of only eight pesos per square meter. These financial luminaries later built their corporate headquarters along Ayala Avenue and Paseo de Roxas. San Lorenzo Village was subsequently developed in 1954 for the executives and the upper middle class.