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The Teatro Príncipe Gran Vía is situated at the location of the old Teatro de la Cruz, an old corral de comedias (popular outdoor theater set up in the inner patio of a block), very popular in its time, and that served as a stage for authors like Lope de Vega, Luis Vélez de Guevara, Juan Ruiz de Alarcón, Tirso de Molina and Calderón de la Barca. In the second half of the 18th century, the old corral was remodeled into a modern Italian-style theater and famous playwrites like Leandro Fernández Moratín and José Zorrilla staged their plays there.
Currently it has a hall with a capacity for 600 people and it is decorated with red seats in a semi-circular disposition that give great visibility. Its program is almost entirely dedicated to comedy.