In this paper the author focuses on the various ways people from an outlying area of the city of Rio de Janeiro, Brazil, understand the concepts of heritage, memory and place. Facing a radical transformation of their neighborhood conducted by the city government, they discuss the destiny of an old movie theater that is threatened with demolition. Some of them understand it as a heritage site to be protected and preserved because it supposedly expresses the memory of the neighborhood. Others affirm that the best way to deal with the problem is to demolish the old building and construct a new public square. The point made by the author is that we are facing two quite distinct ways of understanding the concept of heritage: one of them is based on an abstract and legal perspective; the other based on the everyday life experience of local residents.