In 1884, the Oregon Short Line Railroad reached "Bugtown," later renamed Caldwell after C.A. "Alexander" Caldwell, president of the Idaho & Oregon Land Improvement Company at the time. The current depot is the third structure built on the site and was approved by Union Pacific Railroad General Superintendent W.H. Bancroft in 1906. Constructed at a cost of about $40,000, it immediately became the center of downtown Caldwell activity. In 1995, the National Park Service recognized it as eligible for listing on the National Register of Historic Places. The City of Caldwell purchased the building from the Union Pacific Railroad Company for $1.00 in 1989 and also secured a 99-year lease on the underlying parcel. The Caldwell Train Depot and Plaza are a vital part of recent downtown revitalization efforts, supported by grant funds from the Idaho Department of Commerce & Labor for the plaza and parking areas and by Idaho Transportation Department Enhancement Grants for restoring the depot to its original grandeur. The Friends of the Caldwell Depot provided volunteer service to create and operate the Depot Interpretive Center, dedicated on November 21, 2008, and the depot remains an architectural and historical icon of the city center and a community focal point.