A fire in 1894 destroyed the central portion of the 1881 depot. The Kansas City architectural firm of Van Brunt & Howe was hired to design a larger replacement depot in the Romanesque style. Both the 1881 and 1894 depots included a tall central clock tower with four clock faces.
In 1912, the original Union Depot partnership was dissolved and replaced by the Denver Terminal Railway Company, representing the then-major operators of the station (the Atchison, Topeka, & Santa Fe, the Chicago, Burlington, & Quincy, the Chicago, Rock Island, & Pacific, the Colorado & Southern, the Union Pacific, and the Denver & Rio Grande Westen). The new partnership decided to demolish and rebuild the central portion of the station to handle the increasing passenger traffic. The new central portion, designed by Denver architects Gove & Walsh, was built in the Beaux-Arts style and opened in 1914.