So here is my probably off the mark say on what should happen. I think Space (the brand) should merge with Privilege (the location) in some form. Look at what you get with Privilege. You have a location with history, the space to expand and re-model the venue in a way that a brand like Space could invest in.
The Vista Room is an amazing area, and could serve along the line of the Terraza at Space, the Main Privilege room, while not open every night would let Space have a permanent "Flight Area".... Could be used for big events, opening, closing and maybe even they try and get a weekly EDM act that can the place with 10,000 people!
They probably need to build/create a mid size room like Discoteca, but all is possible with some imagination and investment. Just imagine what that venue could achieve with a Global Brand like Space and the line-ups they have! Elrow / Luciano / Carl Cox / Richie/ENTER etc.
I think something like this would create a massive buzz on the island.
Back to what Stivi is saying above too. Playa D'en Bossa (PDB) grew up around space but it's now standing out in PDB. PDB will continue to go up its own arse until the EDM bubble pops and you are left with some 40 year old couples dancing to 80s songs at Hard Rock!
Quite frankly Space is now too damn cool for PDB!