Chicago quiz! What is the origin of this popular nickname?

Question:What is the origin of this popular nickname that has a comedy troupe with the same name that has produced many popular comedians? Where is the theater located?

Second City, After the city burned it was rebuilt even better than before it was burned down. Second Cities are now all over the midwest. It has produced some solid acts.
The troupe is called second city. This is also a nickname for the city of Chicago which burned down and then was rebuilt (in efect making it the second city of chicago).
The Second City is located at 1616 N. Wells St., Chicago, IL 60614
The Second City e.t.c. and Donny's Skybox Studio Theatre are located at 1608 N. Wells St. (Piper's Alley).
I am not sure what fire previous posters are referencing. The only fire that burned Chicago down was The Great Chicago Fire of 1871 which occured long before the nickname 'Second City' was coined. The 'Second City' is a nickname garnered by Chicago when it was the second largest city in the U.S. However, Chicago is now the third largest city in the U.S. behind NY and LA so perhaps the nickname should be changed to 'Third City.'

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