In 1993 the Union Pacific donated the building to the City of Cheyenne and Laramie County, and stabilization of the building began later that year. Since then, the building has undergone various stages of an extensive rehabilitation project. The first floor now houses the Cheyenne Depot Museum and a brewpub/restaurant. The upper levels house offices for Museum, Cheyenne LEADS, Visit Cheyenne, the Chamber of Commerce.
The museum, located on the west end of the building, tells the story of the Cheyenne beginnings during the construction of the Transcontinental Railroad, the Union Pacific Depot, and the Railroad it is named after.