SAN JUAN CAPISTRANO : Landmark Rail Depot May Get For-Sale Sign
The City Council is taking the first step toward selling its 100-year-old train depot, a downtown landmark that has been vacant since January, when a restaurant there closed its doors.
The council voted 4 to 0 Tuesday to interview real estate agents who are interested in listing the property for sale or lease. City Councilman Gil Jones abstained because of potential conflict of interest.
A plan to open a new restaurant in the old depot fell through last month after its proposed operators couldn’t secure enough money from investors.
The city bought the depot for $1.1 million in 1986. Since then, two restaurants have failed at the spot, which is a daily departure point for hundreds of South County rail commuters.
City officials invited real estate agents to tour the depot earlier this month, according to Douglas Dumhart, a city management analyst. Dumhart said the city has also sent out letters to 19 real estate brokerage firms in a search for the one most suited to handle any future transaction on the property. Responses from brokers will be reviewed next week.
“We want to bring an expert on board and then decide what to do,†Dumhart said.
At least two council members say they favor the sale of the property. The most recent tenant, Rio Grande Bar & Grill, was behind $25,000 in rent before the business closed.
City Councilman David M. Swerdlin said Wednesday that he would support selling the depot with a new tenant in place if brokers say such a move would yield a much better price.
City Councilman Wyatt T. Hart said that selling the depot would be “in the best interest of the taxpayers.â€
“I think the whole intent is to get out of the real estate business,†Hart said.
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