Our cities are undergoing a rapid transformation of public spaces due to different factors, such as economic and cultural globalization, demographic transformations, marketing strategies, urban planning and design approaches, medialization reinterpretations, social networks, and others. The urban realm itself is the collection of public spaces and places—buildings, squares, streets, landscapes, and ecosystems, as well as processes, mindscapes, and people that make up and shape any environment. In that respect, urban planning and design is really characterized by two distinct processes that transubstantiate space and place: static and dynamic. This qualitative, reflective article discusses these issues, taking a standpoint from the notion of public space as a common good. This notion is discussed in relation to the factors that transform our cities and is analyzed in relation to the concept of public good. We reflect this discussion vis-à-vis the views of the leading paradigms in urban planning and design, and their intake on and outlook on these complex issues.