The bulldozers have finished their work. For the past 18 months, machinery has chewed through the concrete bones of La Ermita, the Latina district landmark that once echoed with the roar of 2,000-strong crowds and the hum of go-karts. Now, the 44,349-square-metre plot in the Los Cármenes neighbourhood is a blank canvas, ready for a €77 million reinvention. The era of the indoor water park and the bowling alley is over. In its place, two new residential towers—21 and 17 floors high—will rise near Calle Sepúlveda.
This wasn't just any mall. It was the home of Aqualung, a concert venue that hosted 715 shows and eight live albums between its opening and its final night on March 4, 2006. David Bowie played here. Iggy Pop played here. Oasis and Duran Duran filled the floor. Even motorsport royalty left their mark, with rally driver Carlos Sainz associated with the on-site karting circuit. But by September 2024, El País described the complex as a decaying husk, with only a Burger King, a gym, and a few other stragglers keeping the lights on. The romance died long before the concrete did.
The controversy is loud. Madrid City Council gave the initial urbanisation approval in May 2026, framing the move as essential regeneration for an underused area. They want to build 529 homes, with 159 designated as protected units, alongside a 1,500-square-metre neighbourhood market and an indoor pool. But local residents in the Los Cármenes neighbourhood aren't buying the pitch. Associations have fought the plan for years, warning that the scale of the construction will strangle the area with traffic and force out existing residents through gentrification. The owners, who bought the property in 2012 for a mere €16 million, stand to make a significant profit on the redevelopment.
The new design promises a 60-metre-wide green corridor linking the La Ermita del Santo and Caramuel parks to Madrid Río. Council officials announced plans to plant 297 new trees and create 11,000 square metres of landscaped public space. Streets like San Rufo and San Conrado will be converted into pedestrian-friendly routes. It’s a clean, modern vision. But for those who remember the smell of the wave pool or the sight of a Bowie setlist on the marquee, the trade-off feels steep.
Construction on the new towers is expected to begin immediately following the site clearance. Residents will be watching closely as the first cranes go up, wondering if the promise of public space will survive the weight of the market-rate apartments.