The large square at the western end of Gran Vía has been undergoing renovation for years and reopened in phases since 2021. The centrepiece is a 1927 monument to Cervantes with bronze figures of Don Quixote and Sancho Panza — familiar from the posters but worth seeing in person. The square is flanked by two of Madrid's original skyscrapers: the Torre de Madrid and the Edificio España, both from the 1950s.
The Edificio España is being converted into a hotel after years of dereliction; the area around the square is increasingly pleasant following the renovation that removed a major road and replaced it with pedestrianised space. The square marks the boundary between Arguelles to the north and the old city to the south. Metro Plaza de España.