Restrict the view of the building to one vantage point by constructing two towers on either side of it. Surround the towers by extremely bright lights.
Build an arch strong enough to sustain the weight of an enormous curtain. You need to position the curtain on a pulley system so that you can open and shut the curtain to hide the building from the audience's view. Design the curtain with a flashy, dramatic material that has a fluid flow to it. The audience's only viewpoint of the building must be through this arch.
Construct the audience seating area so that it's connected to the stage. The entire assembly should be similar to that of a lazy susan. As the stage moves imperceptibly, the audience moves with it, changing the vantage point of the building through the arch.
Set up two sets of search lights. Focus one set on the building's actual location and the other set on an area where the audience perceives the building to be located during the illusion of its disappearance.
Perform the illusion at night, utilizing bright lights. Upon commencement, the audience views the building through the arch. Operate the search lights so that they're shining on the building. Slide the curtain together while playing suspenseful music. Continue to build the suspense of the audience with your showmanship, adding excitement and expectation. Unbeknownst to them, the stage slowly rotates.
Open the curtains in a flashy manner. Reveal the building's disappearance to the audience and shine the second set of search lights where the building is "supposed" to be located.
Close the curtains again to "hide" the view of the building as the stage rotates back to its original position, and magically make the building re-appear.