One of Alvadas' former players, Kit Rowan, had something similar to that in a very informal fashion. It was more street performing than anything else, but something official would be cool.
Personally, I am a whore for magic
With Alvadas as such an inherently "magical" city, with it being the seat of power of Ionu and brimming over with illusions and change, it always strikes me as the sort of place that would have be attractive to those of a magical persuasion.
It is something that I have seen in alot of the initial posts, especially those playing characters from races that are not well accepted in the world as a whole. The nature of Alvadas and its illusions makes it easier for them to blend in.
Following the same logic, it would have a similar appeal to mages. In fact, Vhanet used a similar trick to haul Seidaku's bacon out of the fire just recently.
I would like to see something similar to the Scholarly Abode of Intellectual Puruits, but with a more arcane flair. A discrete place for magically minded people to gather.