The closest comparable existing venue is probably the long-established Magic Castle in Los Angeles, first opened in 1963.
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Chicago Tribune

New $50 million magic theater opening off Magnificent Mile

With a $50 million investment in the struggling Magnificent Mile, the Chicago healthcare entrepreneur Glen Tullman is opening a massive new live entertainment venue in the historic McCormick Mansion. Tullman said the new venture, called The Hand & The Eye, will employ some 200 people and offer seven different performance spaces, along with multiple bars and a dining experience, all devoted to the art of magic.

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