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Buyer sought for the former Medford Depot By David Preszler A year to the day after it closed its doors, the renovated Medford Depot is the property of the national finance company that foreclosed on it. The future of the downtown landmark remains unclear, though the company, New Jersey-based CIT Group, is expected to auction it off as financiers typically do following a foreclosure. Medford urban renewal officials and others are working to find a buyer. Following an extensive historic renovation, the Depot opened as a restaurant and brewery in March 1998 to much fanfare. But the business struggled and closed a year ago today. CIT has taken possession of the building, according to Dave Pritchett of Coldwell Banker Pro West, the real estate agent who had been trying to sell the building for business owners Rodger Whipple and Porter Lombard. The building went on the sale block quietly in late 1998 with an asking price of $1.4 million. It was relisted earlier this year for $1.2 million. Pritchett says the building attracted interest, but he couldn�t find a buyer willing to pay that high of a price. Lombard says the price was driven by debts owed on the property. "There were several offers but they were well below what the mortgage company would take," he says. Southern Oregon and Pacific Brewing � Whipple, Lombard and an out-of-state partner�s company � bought the Depot in December 1995 from Central Oregon and Pacific Railroad for $276,000. The company took out a $1 million loan to finance the renovation and to purchase equipment. Its default on that loan sparked the foreclosure. An auction was scheduled for late April but apparently no sale was made. Neither CIT officials nor the Portland attorney handling the foreclosure could be reached for comment Thursday. The renovated Front Street restaurant has been often touted as a symbol of downtown Medford�s revival. Though it has been closed for a year, it remains an asset to the area, says Mike Webber of the Medford Urban Renewal Agency. "We might have lost a key piece of our history but we didn�t," he says, noting that the depot could well have been torn down. Instead, it was restored and placed on the National Register of Historic Places. He says Whipple and Lombard are to be commended for restoring the building the right way, even if the business failed. "The city has gained," he says. "They lost and that�s the sad part." Lombard says the failure has been difficult, particularly for Whipple who was the driving force in the two-year renovation. He says they hope to see the Depot succeed and remain as it is. "It would be nice to see it remain a historic building," he says. Webber says urban renewal has worked to locate and encourage potential buyers. Though he declined to discuss the prospects, he�s certain that a buyer will be found. "Absolutely," he says. "It�s in too key of an area." Urban renewal isn�t in a position to buy it because the Depot isn�t on the agency�s project list and doesn�t qualify as a parking improvement, Webber says. McMenamins Pubs and Breweries, a Portland-based chain, is said to have made an offer last year; at the time, Whipple and Lombard said the offer was too low. It was unclear Thursday whether McMenamins, which operates a renovated train depot as a brewery in Roseburg, remains interested. Company officials did not return calls seeking comment Thursday. Obituaries | Sports | Business | Classifieds | Tempo | Prime Times | So Oregon Sites | Outdoor Journal | Subscribe | Contact | Movies | Advertise | Real Estate Showcase | Archive | Editorials | Letters to the editor | Religion | Wake-up Call | NIE | Cyber Chef | Job Network | So Oregon Weather | WSJ Northwest | Forums | AP Wire | AP Money | F.A.Q. | Awards Ottaway Newspapers, Inc. The Community Newspaper Subsidiary of Dow Jones & Co, Inc Copyright �The Mail Tribune 2000, Medford, Oregon USA