"triBall", a combination of the words "triángulo" and "Ballesta", is named after the triangle formed around Calle de la Ballesta, by the streets Desengaño, Valverde and Corredera Baja de San Pablo, a small area in Madrid’s center characterized by decrepit buildings and rampant prostitution. The area, thought to be hopeless, was passed over by two decades of development,  then inspiration hit.
The local merchant’s association bought up 49 locations in the area and is converting them into shops showcasing local artists and more than a bit of foreign flare. The area is very small and all shops are minutes apart. 
Sure, you'll still find XXX shops and the occasional streetwalker, but this rehabilitated area has opened to new designers, gourmet shops, restaurants with meticulous organic menus and even to new cultural proposals. All set in spaces that combine architectural elements that make them unique, like the beautiful colourful floor tiles, with other more avant-garde elements.
"Dolores Promesas", was the first boutique opened by a designer who has dressed film and television stars and sportspeople. Founded barely five years ago, Dolores Promesas is one of Spain's most promising fashion companies. Rather than be an eponymous designer, Dolores Promesas, are the company Leyenda Personal which are now a very real brand.
If you’relooking for something with more caché than the typical H&M or Lefties fare but can’t afford to shell out the big bucks, head down to "Kling Downtown". The store was completely made over (it used to be a sexclub) and its 180 m2 are now a full Kling style.
"La Maison de la Lanterne Rouge", is an old brothel. The bar displays the accessories: necklaces, hats, brooches and more. They have brands like Skunk Funk, American Apparel, Lokka or the creations of young spanish designers. The space is a theatre, gallery and a bar too.
"Exoticae" is an art gallery installed in a former garage.
"La Tasquita de Enfrente", one of Madrid's most interesting restaurants, stands in Ballesta. Further along, "Casa Perico" continues to serve traditional cuisine.
triBall is bustling with life. New venues are opening by the day and the neighbourhood is gradually taking shape.
http://www.triballmadrid.com/s.asp