Originally called the Union Station, it was jointly constructed by the San Pedro, Los Angeles and Salt Lake Railroad and the Oregon Short Line, both later wholly owned by the Union Pacific.
The depot once housed an emergency hospital, lunch room, baggage rooms, and offices for both of the original railroads. Most of these features are gone now, as the building was extensively renovated in the 1970s when the original slate roof was replaced by copper plates due to leaking problems.
In January 2006, three floors opened as a restaurant and music venue, fittingly called The Depot.
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