Dr. Elijah Smith founded Itasca and had the foresight to see how a railroad would shape Itasca's future. He donated his own land for the railroad right of way and the $400 to build the Itasca Depot in 1873. The Itasca Depot served as the Itasca train station from 1873-1976.

In 1976, a new station was built directly next to the original. Once the new station was completed, the 103 year-old station was slated to be demolished. The Itasca Historical Society rallied and saved the depot from this fate. It was moved on December 6, 1976, down Irving Park Road 864 feet to its current location. Since then it has served at the Itasca Historical Depot Museum.