If the soil is well drained you can probably grow it. I suggest buying a compressed bag of peat moss and mixing it into a 10-15 ft. diameter circular area before digging the hole to plant the magnolia. If you can give it more sun (a little late day shade is fine) it should be okay. The first 2-3 years will be the critical time period for the plant as to whether or not it will establish and survive.
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