Plaza Alfaro (located at the intersection of Calle Agua and Calle Lope de Rueda) is a small square just north of the Jardines de Murillo, as you enter the Santa Cruz neighborhood.
This square is noteworthy because located in one of its corners is the famed Balcón De Rosina, the balcony that Beaumarchais referred to in "The Barber of Seville," that Figaro climbs. Hence, you have crowds of tourists taking pictures all day.
Other than the balcony, this square is not much of a destination. It is situated in more of a residential pocket, surrounded by apartment buildings and other dwellings. There aren't really places to sit, nor fountains, nor sculptures, just more of a pretty pass-through space.
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One of the streets merging with this square is Calle del Agua, which is all lit up at night, and is an amazing sight. Very fun evening stroll. Look for its separate Yelp listing. read more