The Tampa Tribune called the Centro Español Hospital an “architectural wonder” with an “imposing presence” when it opened in 1906 on Bayshore Boulevard. It was built to offer medical benefits to members of the Centro Español, a Spanish mutual aid society established in 1891 in Ybor City. The societies were essential to immigrant life, and members depended on facilities like this for care. Before formal medical insurance, club members and their families were eligible for benefits when they became sick or were hospitalized. The hospital vacated the property in 1970 when it moved to a new, $2.3 million location at 4801 North Howard Avenue.

The hospital was razed in 1973 after it sat empty for over two years, and construction on the $1.9 million 186-unit Bay Oaks apartments began on the 6-acre site. The apartments lasted for over 45 years. In 2021, construction of the Ritz-Carlton Residences, a 27-story two-tower luxury condos with 12 townhome villas, was announced, and the Bay Oaks buildings were torn down. As of late 2022, the first tower (still incomplete) has sold out, and prices for the second tower average over $700 per square foot. A recent web page showed a few units available from $2 million to $5.9 million. The property is currently fronted by a large bronze statue titled Mujer Vestida (Dressed Woman) by the Latin American artist Fernando Botero, but it is only on loan from the Miami-based company the Related Group, builders of the project. In November of 2022, the company's CEO Jorge M. Pérez, donated the piece to the Tampa Museum of Art, where it will be moved and become part of the museum's permanent collection.