The French might call it a "bijou" (a little jewel), or a perfect little boite (an elegant box). But Tony De Santis, the producer and builder who, during the course of his 91 years, has proved himself a masterfully pragmatic businessman, might just call it a good place to see a show. And he would be right.

Of course, the address of his new showplace -- the Drury Lane Theatre Water Tower Place -- could hardly be more posh, sandwiched as it is between the Ritz Carlton Hotel and the back doors of Marshall Field's and Lord & Taylor, right in the epicenter of the Magnificent Mile. And once you've entered the street-side door to the theater, you are surrounded by a subtly old-fashioned glamor that tells you the real world will be left behind for a few hours. The creamy oval lobby, with its lavish chandeliers, gilded Corinthian columns and deep red carpeting, is a welcoming space, but the real gem lies within.

THEATER REVIEW

"THE FULL MONTY"

THEATER: HIGHLY RECOMMENDED

SHOW: RECOMMENDED

Through July 10 at Drury Lane Theatre Water Tower Place, 175 E. Chestnut

Tickets, $35-48, (312) 642-2000

RICH POSSIBILITIES

As you file into the 549-seat theater, with its graceful continental seating, plenty of legroom and the warm but never overpowering hug of red upholstered seats and carpeting (and a sumptuous red velvet, Viennese-style curtain encircling the rounded lip of the proscenium stage), the intimacy of the space hits you immediately. There are just six rows from the stage to a central walkway, and just eight more rows behind that.

The place has the charm of one of those old Victorian theaters in London's West End (just as the name, Drury Lane, suggests), but in addition, it has impeccable sight lines, too. And while the main fare is to be Broadway musicals and the occasional play, looking around, you think: This will also be an ideal place for top cabaret performers (Barbara Cook, Eartha Kitt, Ute Lemper), for chamber music concerts, for one-person shows.

The possibilities are rich. So are the potential audiences -- the neighboring condo crowd, tourists, day-trip shoppers from the suburbs.

If the theater itself possesses a kind of velvet-lined music box charm, the inaugural show, "The Full Monty," which opened Friday night, was clearly selected to rub, if ever so playfully, against that grain.

Inspired by the raucous hit British film, but retrofitted to Rust Belt America, the musical has a terrific score by David Yazbek and a sitcomlike book by Terrence McNally that could easily be improved were it trimmed by 30 minutes. Set in Buffalo, it captures the desperation of a group of men who have just lost their well-paying, ego-securing jobs as a result of the closing of a steel mill.

NEW LEASE ON LIFE

Too proud in many cases to take minimum-wage jobs at the mall, they chafe as their wives earn paychecks in the service industry and enjoy a big night out stuffing bills into the g-strings of the Chippendales. When push comes to shove, the men decide to up the ante and bare all in a one-night-only act that may not be pretty, but gives them a whole new lease on life.

Tears and laughter follow in quick succession throughout. And for a few brief minutes, you might literally say this is a very "cheeky" show.

In the course of the storytelling, we see a number of couples in various states of love, estrangement and discovery. And director-choreographer Jim Corti has cast them all with a sharp eye, emphasizing the musical's light and affectionate qualities more than its undertone of anger.

Jerry Lukowski (Peter James Zielinski, just right as a child-man) is the screw-up whose wife, Pam (a pitch perfect Barbara Helms), has left him. He must raise enough cash for back child-support payments if he is to continue having joint custody of Nathan (expert work by Ben Ratskoff), the exceedingly mature 12-year-old son he adores.

Jerry's pal is Dave Bukatinsky (Michael Lindner, a marvelous actor who really lets go here), an overweight guy who adores his wife, Georgie (Kelly Kunkel, in a fine mix of warmth and energy), but has been impotent since losing his job. An executive from the mill, Harold Nichols (Michael Accardo), hides his joblessness from his high-living wife, Vicki (a Bette Midler-like Lucia Spina), who he fears married him for his money alone.

PIANIST A SHOW-STOPPER

Two younger guys, the nerdy Malcolm (the sweet-voiced and funny Jaspon Bayle) and the wacky Ethan (a thoroughly zany James A. Barry), both gay, come out of the closet along the way. An older black man, "Horse" (Berwick Haynes), happily affirms one stereotype (he's a fabulous dancer) while downplaying another.

But it's the rehearsal pianist who appears out of virtually nowhere to help the guys who really stops the show. As Jeanette Burmeister, the seen-it-all older woman who is tough as nails but in thrall to anything even vaguely resembling show business, Renee Matthews is knockout funny. A brilliant comedian (with a great pair of legs, too), she hits every line on the head, maintaining a perfect poker face throughout it all.

The set, with a mood-setting mix of steel, brick and movable parts, is the work of designer Brian Sidney Bembridge. The six-man band, directed by Tom Sivak, sits perched in a balcony box. And while the sound system could use a bit of tweaking, overall this is a lovely music box of a theater, and a fine addition to a city that can always use one more stage.