I saw on Facebook that Atletico de Madrid is either building a new stadium or renovating the old one. Can anyone tell me which it is? I have very fond memories of that place, having attending two games there last year.

hehehe yes its part of the Rio Madrid project, there is talk now of transfering to a new stadium and replace the Calderon and Mahou beer brewery at the current location .However, there is lots of pressure to do this, and the dates given as 2014 anything can happenned.

so get con el castellano y lee aqui, a place for the defenders of the idea to keep the stadium where it is, web in Spanish Asociacion Señales de Humo or smoke signal association
http://sdehumo.net/Default.aspx
Cheers

Atlético will play at the Olympic Stadium (aka "La Peineta")in San Blas - Canillejas, but I don't know when. The new satdium must be renovated.

Look at this video:

yes indeed, unfortunately they already demolished the Mahou beer brewery near it;;;lol!! lots of stories about the mahou cinco estrellas ::)

Yup. I watched them tear down the Mahou brewery at its different stages. Now I'm also wondering if they'll go ahead with the demolition of the Vicente Calderón Stadium too.

Saludos, MadridMan

MM that is in the plan to demolished the stadium as part of Madrid Rio project. However, there is still lots of pressure so we will see at the end.
Too bad as it is really an icon in Madrid for many years.... Next they will do the Bernabeu, prime location lots of money in real estate and the stadium can be build outside bigger and modern, I fear for FP (Florentino Perez).