The Parakultural was inaugurated by Omar Viola and Horacio Gabin in a rented basement on 336 Venezuela Street in the San Telmo neighborhood. It was used as a rehearsal room. There Viola, Gabin, and actors like Batato Barea, Alejandro Urdapilleta and Las Gambas al Ajillo, rehearsed at night. They then decided to invite some people to witness those rehearsals and, later, they would open the performance to the general public. The cultural movement that achieved success in that basement had also taken place in different places in the city, especially in Café Einstein, owned by Omar Chabán.

The Parakultural was characterized by offering theater, live music and unconventional plastic arts until that time, highlighting the diversity of shows offered from underground theater, stand-up comedians, to independent rock bands.

In its first years, the Gambas al ajillo (comedy group formed by: Alejandra Flechner, María José Gabin, Verónica Llinás and Laura Markert), Barea, Alejandro Urdapilleta (More info), Humberto Tortonese, Susana Cook, Los Melli, Las Nervio sisters, El Clú del Claun, among others.

The most important bands of the underground and alternative scene of the second half of the eighties also paraded on its stage, some of which achieved massiveness and/or renown, such as: Los Violadores, Sumo, Trixy and Los Maniáticos (later simply Los Maniacs), Suicide Squad, Don Cornelio and the Zone, Los Redondos, Los Fabulosos Cadillacs, Celeste Carballo, Los Intocables, Flema, Todos tu Muertos, Los Corrosivos, Los Pillos, Antiheroes, among others.

In 1990 the Porters' Union bought the building where the Parakultural was located, and refused to renew the contract. In this way, on June 17, 1990, its first stage ended. However, he would continue at the Teatro Galpón del Sur, with its parakultural events, and in the Parakafe varietés. Finally, at the end of 1991, a new Parakultural New Border opened on 1072 Chacabuco Street in the San Telmo neighborhood. New artists join here, such as Alfredo Casero, Carlos Belloso, Diego Capusotto, Mex Urtizberea, Marcelo Mazzarello, Mariana Briski and Valeria Bertuccelli.

On December 6 of that year, underground theater suffered a significant loss; Batato Barea died of AIDS.

In 1995, complaints from neighbors and the police, added to the fact that many of the actors already had a place in the mass media, triggered the definitive closure of that Parakultural location.

Before this closure, Omar Viola and Horacio Gabin had ventured into a new facet, tango. So after the closure of this place they continued with the idea of Parakultural but oriented towards the milonguero world. They passed, among other places, the Cathedral and Canning Hall. And it is in the latter where the activities of El Parakultural continue to be carried out to this day with a new name: Milonga del Parakultural.

The Parakultural dance floor is known as the best dance floor in Buenos Aires. All the great contemporary dancers of the genre have performed there.