SAN JUAN CAPISTRANO : City Accepts $920,000 Offer for Train Depot
The City Council has accepted an offer from a Santa Barbara investment group to buy the historic downtown train depot for $920,000.
The price is $45,000 higher than the city would have received under a previous bid of $875,000 by the owners of the popular Cedar Creek Inn in Laguna Beach.
That deal fell through earlier this month because of differences over financing, said Cassandra Walker, the city’s redevelopment manager.
Walker said the new bidder, Magic Holding Co., is prepared to close escrow late next month on the 100-year-old depot.
Representatives for Magic Holding could not be reached for comment.
Walker said that the group intends to open a family-style eatery that will serve breakfast, lunch and dinner.
The city bought the train depot in 1987 for $1.1 million. It has been vacant since January, when the restaurant that had been operating there shut down.
The city listed the property for sale earlier this year for $1 million.
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