During the terms of town mayors Máximo Estrella, Rafael Bañola, José Luciano, Cézar Alzona and Nemesio Yabut, massive development of the town took place, and foreign and local investors were welcomed to what was tagged as the nation's number one municipality at the time. Makati's central location adjacent to the city of Manila also made it an industrial hub for major national and international corporations. Partly as a result a new town hall just miles from the old one was built in 1962 just along J.P. Rizal Avenue (the old hall was later converted into the city museum). Mayor Bañola's term of office as town executive saw the building up of what is now the Ayala Center with the help of the Ayala firm, which would become the city's central shopping center of today.