$50 Million Magic Theater Investment Boosts Chicago Corridor

If the Magnificent Mile’s retail scene can’t get a miracle, maybe some magic tricks will do.

A $50 million investment from healthcare tech entrepreneur Glen Tullman is bringing a 36,000-square-foot magic-themed theater to the struggling retail corridor.

The Hand & The Eye, planned as an upscale, adults-only venue, is set to open next spring at the historic McCormick Mansion, the Chicago Tribune reported.

The venue, which has a 10-year lease at 100 East Ontario Street, previously housed Lawry’s the Prime Rib. Chicago-based Northpond Partners acquired the building for about $7.7 million, or $214 per square foot, in 2021.

It will house seven performance spaces ranging from 25 to 100 seats, multiple bars and a retro-style dining room operated by Levy Restaurants. It’s designed as a fully immersive experience: patrons will move through various performances and dining areas on a timed, all-inclusive ticket. Memberships will also be available to locals, who’ll be required to learn a magic trick to join.

“This is not some six-month pop-up thing,” Tullman told the outlet. “This is a once-in-a-generation project.”

The venue will enforce a dress code and feature interior design by David Rockwell, an architect behind some of Broadway’s biggest productions. Rockwell said the project aims to blur the line between performance and hospitality, offering “hand-crafted” design and sightlines that prioritize theatrical experience.

Tullman is funding the project solo and said it will create 200 jobs. The historic exterior will remain intact, with a rooftop garden added as part of Rockwell’s redesign.

Performers will include resident magicians and international guests, led by “curator of magic” Jeff Kaylor. The concept also includes a magic shop, live jazz programming and educational outreach for young Chicago performers.

The project is among the largest entertainment-focused bets on Michigan Avenue since the pandemic left the once-premier shopping corridor with high vacancy. Other experiential tenants in the area include the Museum of Ice Cream, a Harry Potter store and immersive art spaces.

Tullman previously attempted a similar magic-themed dining venue in the 1990s with illusionist David Copperfield, but it never opened. This time, he says, the magic is real.

“This will be part of the reinvigoration of Michigan Avenue,” he said. “I’m betting on the city.”

— Judah Duke