Ross Currier sent out a Tweet yesterday morning that he was "Trying to arrange my schedule so I can attend a gathering of few motivated citizens to discuss the potential of the historic railroad depot." About the same time, I was chatting with Bob Will about it at GBM. Bob indicated that the Northfield Rotary Club was considering it as one of their long-term projects. (continued)
Some of the possible uses being discussed: Chamber office/visitor center; MTT trailhead center; new site for The Key. A few years ago, people wondered whether it could used as a commuter rail station if the Dan Patch line was ever extended to Northfield.
Evidently, the railroad is insisting that the train depot be moved off its property or it will tear it down.
Update 10/9, 11 am: Here are two photos of the refurbished train depot in Faribault, now a restaurant called The Depot Bar & Grill.